hi guys
i guess some newbies fall into the trap of redrawing from their loan (for personal use) thus screwing with deductibility. most forumites would say sell but what options are there if they decided not to sell?
i read that you can only deduct a percentage. lets say the remaining loan is 150k and 50k was redrawn which takes the loan back to 200k. this percentage is 75% and does this only apply to the loan interest or does it also apply to other deductibles such as landlord insurance, rates, body corp, PM fees, etc?
would paying off the loan be an option?
i guess some newbies fall into the trap of redrawing from their loan (for personal use) thus screwing with deductibility. most forumites would say sell but what options are there if they decided not to sell?
i read that you can only deduct a percentage. lets say the remaining loan is 150k and 50k was redrawn which takes the loan back to 200k. this percentage is 75% and does this only apply to the loan interest or does it also apply to other deductibles such as landlord insurance, rates, body corp, PM fees, etc?
would paying off the loan be an option?