I am trying to buy my first investment property. I was thinking to capitalise on interest but with the latest ATO ruling, I am bit worried.
This is my situation,
1. My PPOR, I have $450000 loan and around $200000 thousand in offset account savings. I have borrowed the maximum when I refinanced my loan last year.
2. The property I am planning to buy costs me around $300000. Rental return of around $300/week. Granny flat should cost me around $100000. The investment would become positive geared once I built granny flat. The granny flat should return around $220/week once completed.
I would like to hear your suggestions on setting up the account? My wife is unemployed for sometime. Would it benefit buying the properly in her name as the property would become positive geared once granny flat is completed.
This is my situation,
1. My PPOR, I have $450000 loan and around $200000 thousand in offset account savings. I have borrowed the maximum when I refinanced my loan last year.
2. The property I am planning to buy costs me around $300000. Rental return of around $300/week. Granny flat should cost me around $100000. The investment would become positive geared once I built granny flat. The granny flat should return around $220/week once completed.
I would like to hear your suggestions on setting up the account? My wife is unemployed for sometime. Would it benefit buying the properly in her name as the property would become positive geared once granny flat is completed.
