Borrowed $92k from existing security. Set this up as a new/separate loan. Lmi of $10k was capitalised onto loan. Just exchanged for a new place under cooling off last night and turns out i only need $69k for 10%&stamp duty. There will be $21k left over. Now i will put these funds into the homeloan/redraw and when required again for a new purpose.. i willsplit that loan and have a separate new loan of $21k. Unsure of its use. Either next prop purchase/shares/non deductible purpose ie buy a mazda rx7!
What i am concerned about is the deductibility/claimable portion of the lmi. As mentioned i got charged $10k lmi for a loan of $92k but i am only using$69k of the loan... How do i split up the deductibility component of the lmi?
What i am concerned about is the deductibility/claimable portion of the lmi. As mentioned i got charged $10k lmi for a loan of $92k but i am only using$69k of the loan... How do i split up the deductibility component of the lmi?