Loan advice for new IP - confused with PPOR loan
I originally had my now primary residence rented out for 12 mths. It was purchased on an investment interest only loan. I currently have no IP's at the moment but now want to look at getting one.
Question is I have a good equity on this PR and it is still under original fiance with most of equity available and is still setup as investment loan.
To purchase new IP:
1. Can I use equity from PR loan as deposit and claim it?
2. Can I use my equity on PR to purchase IP and claim expenses of the loan under that of IP or do I have to take out new finance for this IP.
I have had different advice from bank/accountant.
Any advice appreciated, apologies if this is already on a thread somewhere, I have just logged on after a 2 year break. Thanks
I originally had my now primary residence rented out for 12 mths. It was purchased on an investment interest only loan. I currently have no IP's at the moment but now want to look at getting one.
Question is I have a good equity on this PR and it is still under original fiance with most of equity available and is still setup as investment loan.
To purchase new IP:
1. Can I use equity from PR loan as deposit and claim it?
2. Can I use my equity on PR to purchase IP and claim expenses of the loan under that of IP or do I have to take out new finance for this IP.
I have had different advice from bank/accountant.
Any advice appreciated, apologies if this is already on a thread somewhere, I have just logged on after a 2 year break. Thanks
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