Search results

Leah, The key thing is this: you can only claim interest on money borrowed to buy an investment property (or other investment assets). Now here's the bit I think is confusing you. As far as the ATO is concerned, when you REFINANCE or even just REDRAW is a NEW LOAN . So with what you...

Into an offset account for your new PPOR. Discuss with a good mortgage broker Cheers, The Y-man

Just be aware, I believe if you draw down the $20k to buy your new PPOR, you will NOT be able to claim the interest on that portion as a tax deduction (unless you mean you have it in an offset account, which is a different matter). That equity is "trapped" unless you use it to buy another...