what if we were planning to sell the IP this financial year? that would obviously make it much easier. we need the cash. we have no loan with PPOR. so we could redraw i guess, will have to talk to my dad. But problem is would it be more costly? as in setting up a new loan etc or is it easy done?
Hi
I have an IP valued at 400k
current loan 290k
i would like to increase my loan to 320k (bank is fine with that)
the purpose of funds is to use on PPOR renovations (non-deductible)
therefore when doing my tax return next year:
do i just calculate Interest from July - Oct will be 100%...
no i have just started doing renos on the property. will hold at least 1 year but no more than 6yrs as i will probably move out soon. i was just wanted to find out for my own knowledge.
Hi, i changed my loan from P+I to IO, and i received around $1,500 during that process. Do i have to include this in my taxable income for the year? where would i include it?
If it worth getting a valuation of the house done, just incase it is less then $450k? Does anyone know anyone that does Property Valuations in Brisbane on the forum? or do i just get it done from the Bank or Real Estate Agent?