We had a loan on our PPOR which was less than 80%. We extended this loan to 90% with the specific purpose of funding the deposit for our IP and so incurred around $18,600 of LMI costs (and as both mortgages are with Bankwest, the LMI was incurred on the very same day as the settlement of our IP purchase). There is no LMI on the IP as the mortgage is exactly 80%.
Can I claim 1/5 of the LMI of PPOR in my tax return as being attributable to the cost of financing the IP?
Cheers,
Dave
p.s. I've searched on here and not found an crisp answer to this question because most of the other questions had different circumstances or issues around timing.
Can I claim 1/5 of the LMI of PPOR in my tax return as being attributable to the cost of financing the IP?
Cheers,
Dave
p.s. I've searched on here and not found an crisp answer to this question because most of the other questions had different circumstances or issues around timing.