Hi folks,
Have been reading this forum for the last few weeks and am motivated to invest more in property!
I have a Brisbane city unit for 5 years and that has performed well for me when I lived in it to start with, and then rented out for three years while in London. Now as I return I want to use some of the equity to purchase something else.
I Purchased for $220,000, I owe $168,000. it is conservatively valued at $370,000. I have also $50,000 in stocks too in the UK.
Now I would like to keep what I have but would like to change the loan to IO and have it at $300,000. Can I do that?? I know that it is still a PPOR at this stage so would need to get it valuedas I change it to an IP, just not sure if I can change the loan to gain the negative gearing tax purposes??? and then get a house in the 10km Radius ($450,000)
Or I sell the Unit, get all the CGT becaude it is PPOR and buy two new places in the 10km radius?
Happy to sell the shares to fund this as well.
Thanks
Have been reading this forum for the last few weeks and am motivated to invest more in property!
I have a Brisbane city unit for 5 years and that has performed well for me when I lived in it to start with, and then rented out for three years while in London. Now as I return I want to use some of the equity to purchase something else.
I Purchased for $220,000, I owe $168,000. it is conservatively valued at $370,000. I have also $50,000 in stocks too in the UK.
Now I would like to keep what I have but would like to change the loan to IO and have it at $300,000. Can I do that?? I know that it is still a PPOR at this stage so would need to get it valuedas I change it to an IP, just not sure if I can change the loan to gain the negative gearing tax purposes??? and then get a house in the 10km Radius ($450,000)
Or I sell the Unit, get all the CGT becaude it is PPOR and buy two new places in the 10km radius?
Happy to sell the shares to fund this as well.
Thanks