Hi,
I'm just starting out hoping for some thoughts and guidance.
My situation is essentially as follows (values are conservative):
PPOR1 value 420k owe 340k
PPOR2 value 500k owe nil
No other loans, CC etc
We are looking at a new place due to family needs and expect this to be around the 900-950k mark for what we need.
I would prefer to keep both PPOR1 and 2 and convert into IPs, but if I was to do this and use a LOC on PPOR2 for a deposit am I not getting any tax benefits?
Would I be better selling PPOR2, paying this off the new PPOR (PPOR3), then using some equity to purchase a new IP(s)?
Any help would be much appreciated.
I'm just starting out hoping for some thoughts and guidance.
My situation is essentially as follows (values are conservative):
PPOR1 value 420k owe 340k
PPOR2 value 500k owe nil
No other loans, CC etc
We are looking at a new place due to family needs and expect this to be around the 900-950k mark for what we need.
I would prefer to keep both PPOR1 and 2 and convert into IPs, but if I was to do this and use a LOC on PPOR2 for a deposit am I not getting any tax benefits?
Would I be better selling PPOR2, paying this off the new PPOR (PPOR3), then using some equity to purchase a new IP(s)?
Any help would be much appreciated.