Hello,
We are looking to purchase an investment property however, we are planning to get a lone from our family rather than financial institutions. We have made an agreement with our family that they will be receiving approx. 6% interest on the loan.
My question is are we going to lose any tax benefits in terms of negative gearing and tax deductions on loan interest by obtaining finance from our family in stead of the banks?
Cheers,
We are looking to purchase an investment property however, we are planning to get a lone from our family rather than financial institutions. We have made an agreement with our family that they will be receiving approx. 6% interest on the loan.
My question is are we going to lose any tax benefits in terms of negative gearing and tax deductions on loan interest by obtaining finance from our family in stead of the banks?
Cheers,