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I don't think Terry agrees with that savings account. I assume Tax office came up with rules to make sure people don't borrow for personal use and then claim interest. I can't see any logic in making things complicated when EVERYTHING is investment related. No transaction is related to personal...

That means 1. Pay back the extracted equity (may be more from my savings as well) 2. Borrowed it again 3. Deposit the borrowed cash into a new savings account ? Right?

What is the issue if the whole purpose of the IO loan and its offset are used for investment purpose as long as not mixed with personal use? Where can I find a Gov's reference for similar matter? I do have an other loan (IP3) with another bank (NAB). It has its own offset with its own...

Thanks Paul. I conveniently ignored the fact that IP2 hasn't been bought yet :) Nothing is mixed with an account which is used for personal use. I have a separate 'offset' account which is ONLY used for property investment interest deductions, rent deposits and maintenance costs.

Hi, Recently we refinanced a loan (say IP1) to extract equity as well as make the LVR from 80% to 90%. Here are the numbers. Loan Paid Out= $290 K LMI = 6K Registration of Mortgage = $162.90 Registration of Discharge of Mortgage = $162.90 Title search fee = $27.90 Surplus Funds = 59K New Loan...