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From: Melissa D
Hello all! We went to our bank to look at figures. They told us to keep pouring the money into the loan. (see beginner and beginner again). They then told us when we want to upgrade to a bigger house, as we planned either late this year or early next year, to then take this loan back up to its full amount to buy our next house and use a small portion for another IP as well.
This house we are in now would be cash positive (is that what you call it?)or have a surplus but I am confused as to the tax implications for using most of the money for a new PPOR and then a portion for another IP as well as keeping this original PPOR and turning it into a rental.
Should we just wipe the slate clean with this one or is there a better way to do this than the way the bank has told us. The bank manager has confused us with his 'supposed' brilliance. We would have the loan down to approx $35,000 and the house would be worth maybe $80,000 - %85,000 (we orig borrowed 70,000.
We are still to find a good IP accountant as yet.
Please clear the mist. Thanks again Mel D
Hello all! We went to our bank to look at figures. They told us to keep pouring the money into the loan. (see beginner and beginner again). They then told us when we want to upgrade to a bigger house, as we planned either late this year or early next year, to then take this loan back up to its full amount to buy our next house and use a small portion for another IP as well.
This house we are in now would be cash positive (is that what you call it?)or have a surplus but I am confused as to the tax implications for using most of the money for a new PPOR and then a portion for another IP as well as keeping this original PPOR and turning it into a rental.
Should we just wipe the slate clean with this one or is there a better way to do this than the way the bank has told us. The bank manager has confused us with his 'supposed' brilliance. We would have the loan down to approx $35,000 and the house would be worth maybe $80,000 - %85,000 (we orig borrowed 70,000.
We are still to find a good IP accountant as yet.
Please clear the mist. Thanks again Mel D
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