I have inherited a property without a mortgage and I am now ready to rent it out. The title is solely in my name.
My residential property has about $120,000 owing on it, I work part time and am a carer of an aged parent where I get a small payment from Centrelink.
I know that the rental that I get from the inherited property will be considered income which will affect my carers payment and taxable income.
Can I refinance with a bank to pay off my home then treat the rental property as an investment. I have been told that this is not allowable, but surely there must be a way around this.
Any advice appreciated.
My residential property has about $120,000 owing on it, I work part time and am a carer of an aged parent where I get a small payment from Centrelink.
I know that the rental that I get from the inherited property will be considered income which will affect my carers payment and taxable income.
Can I refinance with a bank to pay off my home then treat the rental property as an investment. I have been told that this is not allowable, but surely there must be a way around this.
Any advice appreciated.