Hi All ,
I just settled about a week ago on a block of land and was having a look at the settlement sheet and saw lmi was charged as a lump sump straight out on settlement. I would of rather preferred that lmi payment to be on added to the loan. I am assuming my broker didn't arrange that lmi be added to the loan hence why it was paid on settlement or can you not add lmi to settlement on vacant block of land? And if you can I assume its too late now to change that now anyway?
Second question is is more related to tax. From what I know you are able to claim the costs of lmi as a tax reduction but this purchase is going to my primary place of residence for 6 months then be a investment as I need to live in the premise to obtain the fhog. Since I will be living in the property for the first 6 months will I still be able to claim the lmi costs?
And lastly since I have already paid lmi on the block of land and will pay it again on the construction of my new home if I plan to withdraw equity at 90% for a additional purchase of another investment property or will I have to pay the full amount of lmi cost again or will be lower since I already paid lmi previously.
Thanks
I just settled about a week ago on a block of land and was having a look at the settlement sheet and saw lmi was charged as a lump sump straight out on settlement. I would of rather preferred that lmi payment to be on added to the loan. I am assuming my broker didn't arrange that lmi be added to the loan hence why it was paid on settlement or can you not add lmi to settlement on vacant block of land? And if you can I assume its too late now to change that now anyway?
Second question is is more related to tax. From what I know you are able to claim the costs of lmi as a tax reduction but this purchase is going to my primary place of residence for 6 months then be a investment as I need to live in the premise to obtain the fhog. Since I will be living in the property for the first 6 months will I still be able to claim the lmi costs?
And lastly since I have already paid lmi on the block of land and will pay it again on the construction of my new home if I plan to withdraw equity at 90% for a additional purchase of another investment property or will I have to pay the full amount of lmi cost again or will be lower since I already paid lmi previously.
Thanks