Hi guys! I'm new to this forum but I'm glad I found it..I'm sure I will learn a lot from it!
Just wondering if anyone can give me some advice..
Basically my situation is as follows:
PPOR currently owing $350K
IP currently owing $250K..
Say if I revalue the IP and the value comes back at $350K, can I borrow up to 80% to pay off my principle place of residency?
And if I can, does that mean I've lowered my non tax deductible loan and increased my tax deductible loan (which is a good thing I guess?)
Any assistance would be greatly appreciated!
Dve009
Just wondering if anyone can give me some advice..
Basically my situation is as follows:
PPOR currently owing $350K
IP currently owing $250K..
Say if I revalue the IP and the value comes back at $350K, can I borrow up to 80% to pay off my principle place of residency?
And if I can, does that mean I've lowered my non tax deductible loan and increased my tax deductible loan (which is a good thing I guess?)
Any assistance would be greatly appreciated!
Dve009