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From: Mun Seet
Hi Everyone!
As a newbie I have read message on this forum for a few weeks with great interest. This is my first go posting a request and I do hope that someone would be able to help me.
I have one IP fully paid off and I have about $90K owing to BankWest on my residential home. Sometime ago, I borrowed about $40k for buying two cars and $20K for buying some shares. Two months ago I bought an IP for $140K which I borrowed from BankWest.
My mortgage broker consolidated the loan for my residential home, the loan for my cars and shares into one INTEREST ONLY loan with BankWest.
I wonder if this is a good thing or a bad thing in terms of taxation purposes and for record keeping of my IPs.
I enquired at BankWest today and I was told that I could split them up into individual mortgages at a cost of about $400.00.
My question is: Should I or shouldn't I split them up? What are the benefits of splitting them up?
Any advice would be greatly appreciated.
Hi Everyone!
As a newbie I have read message on this forum for a few weeks with great interest. This is my first go posting a request and I do hope that someone would be able to help me.
I have one IP fully paid off and I have about $90K owing to BankWest on my residential home. Sometime ago, I borrowed about $40k for buying two cars and $20K for buying some shares. Two months ago I bought an IP for $140K which I borrowed from BankWest.
My mortgage broker consolidated the loan for my residential home, the loan for my cars and shares into one INTEREST ONLY loan with BankWest.
I wonder if this is a good thing or a bad thing in terms of taxation purposes and for record keeping of my IPs.
I enquired at BankWest today and I was told that I could split them up into individual mortgages at a cost of about $400.00.
My question is: Should I or shouldn't I split them up? What are the benefits of splitting them up?
Any advice would be greatly appreciated.
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