Product switch

I'm changing my IP equity release loan to IO and there is a fee involved. Can I pay from my redraw without affecting my taxability.

Also I'm with ING and I'm changing to Orange advantage so I can have a offset account with my PPOR. Also there is a fee involved can I pay that from the redraw that I have on this loan. I'm not sure if this PPOR will ever become an IP in the future but I don't want to effect taxability in the future either

These are a couple of mistakes from my last broker:eek:

Thanks
 
I'm changing my IP equity release loan to IO and there is a fee involved. Can I pay from my redraw without affecting my taxability.

Also I'm with ING and I'm changing to Orange advantage so I can have a offset account with my PPOR. Also there is a fee involved can I pay that from the redraw that I have on this loan. I'm not sure if this PPOR will ever become an IP in the future but I don't want to effect taxability in the future either

These are a couple of mistakes from my last broker:eek:

Thanks

expenses related to the production of investment income may be deductible and you could borrow to pay these, but not PPOR expenses.

I wouldn't like to comment further without understanding exactly the situation.
 
Thanks Terry. Just my equity release was PI and I'm changing that to IO and I'm going to pay the switching cost from the redraw.

PPOR was setup wrong with no offset and I have paid a little extra so there is redraw there and I'm going to pay that switch from that. I was just thinking in years to come if my PPOR was to become IP would that hurt me because I paid from my redraw.
 
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