I bought a rental property, took out a loan from Bank A for $100,000. I had heaps of equity in other properties so the bank gave me the title deeds.
Then I took out another loan from bank A for $20,000 for renovations. I didn't end up renovating, and sold property as is. When I sold I paid out most of the balance on both loans.
I have a devt block with Bank B. Can I redraw funds from Bank A to put towards building properties on devt block. Would the interest be tax dedutable?
Then I took out another loan from bank A for $20,000 for renovations. I didn't end up renovating, and sold property as is. When I sold I paid out most of the balance on both loans.
I have a devt block with Bank B. Can I redraw funds from Bank A to put towards building properties on devt block. Would the interest be tax dedutable?