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Thanks Terry, you are right, will look into it. Thankyou everyone for your help!!

Hi Rob and everyone, Thankyou for your responses, Rob definately something to look in to. I will now contact a property lawyer to make sure I am on the right track. I have since spoken to a financial adviser and our accountant of which they feel the interest on the loan is in fact...

Hi Brady, Would love to say we did consultant and accountant. However we didn't as we dont have a good one. What if I, and I'm thinking outside the square now. Draw down money from the IP $300,000 and pay out the current mortgage. Then apply for an IP mortgage against this property to...

Hi Everyone, The new let me try and answer the questions. ok We sold PPOR for $800,000 with mortgage debt of $300,000 we sold PPOR and the mortgage of $300,000 was secured against cash of $300,000 placed in term deposit We brought IP for $670,000 paid out of original $800,000 we received...

Hi Terry, Thanks for the response. I was more asking now that the mortgage has been transferred to the IP we have brought, would the interest on the mortgage now be tax deductible? My biggest concern and why I'm an questioning if it is tax deductible or not, is that we have had to pay...

Hi, A while ago my partner and I sold our PPOR. We are both self employed and the serviceability of a new mortgage we always fall short. So we chose to transfer our mortgage. Therefore with a portion equal to our mortgage, once our PPOR was sold the bank placed the money in a term deposit and...