Hi,
We currently have a 3 loans linked to our PPOR. So PPOR loan and 1 line of credit and one investment loan.
The investment loan is to be used for deposits/costs (20%) for investment properties (Loan1) and the other loan is for purchase of shares/managed funds (Loan2).
I was considering how to increase the limit on Loan1 for future property purchases and whether it would be possible to transfer Loan2 to another type of loan that is secured against the shares/managed funds we currently own. Has anyone done something similar? Key is to retain tax deductions on interest for Loan2.
Bank is Westpac, Loan2 is an Equity access loan. Loan1 is a Rocket Investment Loan .
Loan2 has limit of 300K, owe 150K and value of shares/MFs is approx 450K.
Also would prefer to have Loan2 not linked to PPOR with potential implications if we sold the PPOR. Lets say we sold and went travelling for example and don't immediately purchase another PPOR - how would we retain Loan2 that we don't want to pay down at that time? I guess we have the same issue with Loan1?
We currently have a 3 loans linked to our PPOR. So PPOR loan and 1 line of credit and one investment loan.
The investment loan is to be used for deposits/costs (20%) for investment properties (Loan1) and the other loan is for purchase of shares/managed funds (Loan2).
I was considering how to increase the limit on Loan1 for future property purchases and whether it would be possible to transfer Loan2 to another type of loan that is secured against the shares/managed funds we currently own. Has anyone done something similar? Key is to retain tax deductions on interest for Loan2.
Bank is Westpac, Loan2 is an Equity access loan. Loan1 is a Rocket Investment Loan .
Loan2 has limit of 300K, owe 150K and value of shares/MFs is approx 450K.
Also would prefer to have Loan2 not linked to PPOR with potential implications if we sold the PPOR. Lets say we sold and went travelling for example and don't immediately purchase another PPOR - how would we retain Loan2 that we don't want to pay down at that time? I guess we have the same issue with Loan1?