Account Question

[Fergus]

Hi Can I get some opinions on the following senario please

My Wife and I have a ppor and 3 I/P .PPOR in both names 1 I/P in my wifes name and 2 in my name . We have a non deductible equity loan of 230k. we were looking at selling the Wifes I/P to pay down some of this loan. I however like the property and would like to keep it. Is it feasible for me to take out a loan for 450k and buy her property and hence she gets the amount to pay off the equity loan and I get to keep the property and that loan would be tax deductle.
I probably should mention that she bought out my half of this property in 2002. Not sure if this makes a difference
Any suggestions would be appreciated

 

[R&P]

Hi Fergus,
This topic is a difficult one obviously. As I and my partner run a Renovation/Construction company & Invest in property among a other things,
we need to have our structures layed out in the most effective way possible & they do get rather technical.

But what you will find with this question is that the answer really is different for every person. This is based on what you are looking to get from your properties both in the short term and the long term & that carries many different strategies with it.
Some of what you talk about will involve Mortgage Brokers & some will Involve an accountant.

We have dealt with a couple of very good Mortgage Brokers, both of which are property Investors themselves. I suggest having a talk with Either of these two companies.

1. Verix Finance 9639 0070
2. Who Finance 1300 794 336

Best Of Luck
Sean

 

[Fergus]

Thansk Sean I will give them a call