My accountant goes AWOL so I'm calling the experts here.
#1:
PPOR - townhouse under both names, IO loan, 3 accounts (myself, partner, 100% offset joint account). All income/ expenses use the 100% offset.
#2:
Land - paid deposit, settlement March 2011. No mortgage yet.
The plan:
- Build on the land and live there 7+ years
- Polish & rent out #1 (first IP )
- Accumulate more IP's
Questions:
- Can I declare #2 as investment, build, then change into PPOR (claim interest while it's being build/ not a PPOR yet)?
- Should #2 be in both names or 1 only (partner plans to stop working after #2 construction's finished)?
- When it's time to move into #2 (PPOR), should we change the loan structure of #1 (eg. change to 1 name only, stop using 100% offset so it's not contaminated with personal stuff)?
Appreciate any replies beforehand
#1:
PPOR - townhouse under both names, IO loan, 3 accounts (myself, partner, 100% offset joint account). All income/ expenses use the 100% offset.
#2:
Land - paid deposit, settlement March 2011. No mortgage yet.
The plan:
- Build on the land and live there 7+ years
- Polish & rent out #1 (first IP )
- Accumulate more IP's
Questions:
- Can I declare #2 as investment, build, then change into PPOR (claim interest while it's being build/ not a PPOR yet)?
- Should #2 be in both names or 1 only (partner plans to stop working after #2 construction's finished)?
- When it's time to move into #2 (PPOR), should we change the loan structure of #1 (eg. change to 1 name only, stop using 100% offset so it's not contaminated with personal stuff)?
Appreciate any replies beforehand