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thanks everyone, I will have to think about this and try to work out a plan and I will remember all the tips and advice.

Wow, and I nearly believed them and was not going to bother but I'm quite surprised they were that wrong. Now I wonder if it will be worth me trying to get the loan refinanced as Rob touched on? The reason is that we only just a few months ago got our mortgage for this property moved over...

Actually I have to say that most of you are all wrong or the bank manager I spoke to is wrong or more likely I have misunderstood something? I went to the bank a couple of days ago and asked them about getting the house reevaluated so I can have the equity go into my offset account. They said...

The building is very old so I doubt we can get depreciation. I think it was built in early 60's. I'm surprised renovations are not tax deductible, thanks for the info. What about if we use the property to run a home business, could we claim on renovations for that although it will be rented out...

We had no choice as it is our current PPOR and our other place is tenanted. We also wanted to reno it while we lived in it as we had the time. I realize we could have got tax deductions if we renovated it when it was an IP but it needed work done right away as it was rundown. Maybe we can claim...

thanks for the advice and confirming it is possible to transfer equity into an offset account. I will try to get it done soon then.

Another thing I wanted to ask is if we don't plan on buying another property at the moment then is there any reason to have the equity available? We will be buying other properties later, maybe in a few months though. So I guess I could put the equity money into our offset account anyway as they...

I see, that sounds great then so it does seem to be worthwhile getting the valuation done as soon as possible. Thanks everyone!

I think the loans are separate but we will be living with some relations for awhile so this will become an IP so we will have two IP's. My questions were sort of overlooked though and we have moved in another direction, thanks anyway.

We have nearly completed renovating our PPOR and soon to be IP. So should we go to the bank where we are financed and ask them to do a full valuation inspection? They only did a computer valuation when we got finance. So if they valuate it to be say for example 10k more than what they originally...