Hi all,
I initially have 2 IP loans with total balance of $500,000 each.
I've just had this refinanced/topped up with NAB with the following structure:
IP1: $630,000
IP2: $650,000
I intend to use the top-up from as a deposit for the next IP.
Previously, I was not aware of the difference between a top up and an equity release. I've been reading several posts on this forum which seems to suggest that this is a bad idea for tax deduction sake. There seems to be a lot of doom and gloom about contamination of loans.
Since the loans have now been settled, Are there any remedial actions that can still be taken from here?
Can I still create a separate equity release loan after a top-up?
Thanks,
Mu
I initially have 2 IP loans with total balance of $500,000 each.
I've just had this refinanced/topped up with NAB with the following structure:
IP1: $630,000
IP2: $650,000
I intend to use the top-up from as a deposit for the next IP.
Previously, I was not aware of the difference between a top up and an equity release. I've been reading several posts on this forum which seems to suggest that this is a bad idea for tax deduction sake. There seems to be a lot of doom and gloom about contamination of loans.
Since the loans have now been settled, Are there any remedial actions that can still be taken from here?
Can I still create a separate equity release loan after a top-up?
Thanks,
Mu