Hi all,
So, my partner and I are in the process of purchasing our 2nd investment property. We currently have no available equity, but, have managed to save enough for our deposit and costs which is currently sitting in our offset account again our OOP.
To ensure tax deductability I am planning on depositing our deposit and costs cash back into our home loan, and when required, redrawing it (for investment purposes) which will allow the interest to be claimed at tax time.
I think I have explained that terribly but hopefully you get the idea!
Does this all sound about right?
Thanks in advance for any thoughts!
So, my partner and I are in the process of purchasing our 2nd investment property. We currently have no available equity, but, have managed to save enough for our deposit and costs which is currently sitting in our offset account again our OOP.
To ensure tax deductability I am planning on depositing our deposit and costs cash back into our home loan, and when required, redrawing it (for investment purposes) which will allow the interest to be claimed at tax time.
I think I have explained that terribly but hopefully you get the idea!
Does this all sound about right?
Thanks in advance for any thoughts!