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So you are using the offset account to build a nest egg to buy your own home? How far off are you? Do you have a lot of equity in the IPs that needs to be freed up for the home purchase? Do you both plan on continuing to earn this income indefinitely? I just ask these questions to...

It wasn't tenanted until September. Was it available for rent before this? Paying tax isn't a bad thing. I'd love to have a $1,000,000 tax bill this year. Is reducing tax your goal? Or building wealth? Mor just buying property? Perhaps you need to be looking for another property?

What are your goals with this? If you don't have a goal then pretty much doing anything is the solution. Do you own a home? Is that geared?