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I've been asking my lender about re-fi'ing my loans with split loans. According to him, he says it's not necessary as he says my tax accountant would take care of calculating the deductible and non deductible part. Is this a common answer that lenders tend to palm to people?

What is the purpose of parking it to the transactions acc? Isn't it better to leave in the loan 2 and pull the funds directly when you need to purchase IP2?

Had been unintentional in the past. Didn't even understand the difference between redraw and offset back then :(

What happens if the contamination was done 10years ago? That would involve some hefty amount of money to be paid back to ATO and + the interest on them?

Thanks for clarifications Perp. Learnt something today :)

That's interesting. Say we have: Year 1 IP1 was purchased at 500k IP1 Main Loan : 400k Year 2 IP1 revalued at 600k and buys IP2 at 500k IP1 Split Loan: 100k - (Spent the full 100k for IP2's 20% deposit) IP2 Loan: 400k Year 3 I want to sell IP1 Will the bank allow me to sell IP1? If the...

well the purpose was just to park the extra money borrowed into the redraw loan (IP not PPOR). The intention was to use them for future IP purchases? I have not spent this equity release yet. Story is: Before refinance(1st May) Bank: Westpac IP1 Loan Balance: $500k IP2 Loan Balance: $500k...

what if the top up was transferred to the offset upon settlement and then immediately moved into the redraw acct before any salary/personal savings is deposited into the offset? Would this still be contamination?