I am about to purchase a house to live in for the next 18 months and then will be moving interstate for a year and then returning to live in the house. I also have a sizable deposit (approx. 70% of the purchase price) and was planning to take out a loan for 80% of the purchase price and use an offset account to minimise interest payments while I am living there. When I move interstate I was hoping to move my money out of the offset account to maximise the benefit of negative gearing. When I return I would return my money to the offset account.
Is the above plan legitimate?
Another question, can you negative gear for the period your house is vacant waiting for a suitable tenant?
Cheers
Is the above plan legitimate?
Another question, can you negative gear for the period your house is vacant waiting for a suitable tenant?
Cheers