Double checking here:
IP1 under joint name, recently revalued and added new loan on top to access equity (not used yet and won't be ready for another 1-2 weeks until I return documents to bank)
IP2 under my name settling soon, I'll be using saving cash for deposits as equity release was a bit late. Property need Reno for about $10k. Can I use IP1 equity for this Reno and claim deduction? Will it be under my name (as it is for IP2)? Or should I wait to use the equity for next purchase instead?
IP1 under joint name, recently revalued and added new loan on top to access equity (not used yet and won't be ready for another 1-2 weeks until I return documents to bank)
IP2 under my name settling soon, I'll be using saving cash for deposits as equity release was a bit late. Property need Reno for about $10k. Can I use IP1 equity for this Reno and claim deduction? Will it be under my name (as it is for IP2)? Or should I wait to use the equity for next purchase instead?