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Reply: 1.1.1 From: Dale Gatherum-Goss Hi Michele Yes, you can refinance an investment property and use the new loan to buy a second property and still be able to use the redrawn interest as a tax deduction. If you used the redrawn funds for personal reasons, you could not claim the interest...

Reply: 1 From: Dale Gatherum-Goss Hi Your accountant is wrong. You cannot reborrow money and claim the interest as a tax deduction in this scenario because the tax office look at the purpose of the borrowing which, in your case, is for personal purposes. Please be very careful. Dale