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Thanks for all the advice. Great forum

Its an interest only loan. Sorry to ask another question, but, what difference would this make if it were P&I, IO or LOC? Thanks

When an IP loan has been topped up, and the extra cash used for personal purposes, obviously, only part of the loans interest is then considered to be deductable. The general treatment by accountants is to calculate the non deductable percentage of the loan, and claim only the deductable...