Hi all..
I’ve had an IP for 15yrs, which was negatively geared. It still has a small mortgage.
Now all the net profits have been paying down the loan. The first 5 year was interest only. The original term of loan ends in 5 yrs time. I'm paying very little in interest i.e. 25% interest ,the rest 75% to principal. Can I refinance the balance to a new loan
Q. will this cause any probs with ATO.
Thinking of using cash flow to help finance a new IP instead of paying off original loan.
I’ve had an IP for 15yrs, which was negatively geared. It still has a small mortgage.
Now all the net profits have been paying down the loan. The first 5 year was interest only. The original term of loan ends in 5 yrs time. I'm paying very little in interest i.e. 25% interest ,the rest 75% to principal. Can I refinance the balance to a new loan
Q. will this cause any probs with ATO.
Thinking of using cash flow to help finance a new IP instead of paying off original loan.