From: Manny B
Folks,
had a quick question re: having an offset account linked to your investment loan, so rather than saving up for a purchase (ie. a new PPOR) in another account (or making extra repayments into your IP loan), having it in an offset account to save on interest in the mean time on your IP loan & when the time is right to purchase or build your PPOR you just take out the cash from the offset account...
When you withdraw your cash from your offset account, would the original loan amount still be tax deductible? (as I know it wouldn't be if you draw the extra repayments from the IP loan instead)
Cheers,
Manny.
Folks,
had a quick question re: having an offset account linked to your investment loan, so rather than saving up for a purchase (ie. a new PPOR) in another account (or making extra repayments into your IP loan), having it in an offset account to save on interest in the mean time on your IP loan & when the time is right to purchase or build your PPOR you just take out the cash from the offset account...
When you withdraw your cash from your offset account, would the original loan amount still be tax deductible? (as I know it wouldn't be if you draw the extra repayments from the IP loan instead)
Cheers,
Manny.
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