I've got great info from reading this forum, unfortunately, I did not come across this forum much earlier.
After reading much of the thread, I realised I've taken a completely wrong move. Rather than sobing about it, I want to try to get the most out of it, and needs help.
My situation is, I have a PPOR that have been completely paid off, and unfortunately, mortgage has been discharged.
Now, I'm looking to move out, and change this to an IP, and in the process of buying a new PPOR.
I've been told 2 completely different info. My accountant say there's pretty much nothing I can do to reap the benefit from my 1st PPOR (can't claim interest).
My broker says I could tap on the equity on the 1st PPOR and buy an IP on it, and get an tax benefit from interest payment on both property.
I'm completely confused. Finance and math is not my strong point.
Sorry if this is too confusing.
Cheers.
After reading much of the thread, I realised I've taken a completely wrong move. Rather than sobing about it, I want to try to get the most out of it, and needs help.
My situation is, I have a PPOR that have been completely paid off, and unfortunately, mortgage has been discharged.
Now, I'm looking to move out, and change this to an IP, and in the process of buying a new PPOR.
I've been told 2 completely different info. My accountant say there's pretty much nothing I can do to reap the benefit from my 1st PPOR (can't claim interest).
My broker says I could tap on the equity on the 1st PPOR and buy an IP on it, and get an tax benefit from interest payment on both property.
I'm completely confused. Finance and math is not my strong point.
Sorry if this is too confusing.
Cheers.