Hi all, long time viewer first time poster
I am extremely interested in property investment, and having recently graduated from university and securing a half decent graduate position i am looking at getting my feet wet in property investment however have a few questions.
Basically i have accrued approximately 25k whilst at uni and once i hit 30k are looking at buying my first IP (whilst still living at home). I am thinking of structuring this as an IO loan with an offset account attached. The interest payments and costs associated being taxed deductible (simple enough yes)
Anyways, 12-18months after this i will be looking at buying myself a PPOR. This is where i am a bit lost. By this stage i am hoping to have accrued 45K-ish in the offset account. (I am not interested in X coll as it is far to risky for my liking). If i pull the 45K out of the offset for a deposit for the PPOR the interest on the IO loan will shoot up so will i still be able to claim this larger amount as a tax deduction?
Should i structure the PPOR as an I+P loan and attached another offset account to this?
Any other suggestionswould be greatly appeciated
Or am i just dreaming and my aspirations out of reach atm?
I am extremely interested in property investment, and having recently graduated from university and securing a half decent graduate position i am looking at getting my feet wet in property investment however have a few questions.
Basically i have accrued approximately 25k whilst at uni and once i hit 30k are looking at buying my first IP (whilst still living at home). I am thinking of structuring this as an IO loan with an offset account attached. The interest payments and costs associated being taxed deductible (simple enough yes)
Anyways, 12-18months after this i will be looking at buying myself a PPOR. This is where i am a bit lost. By this stage i am hoping to have accrued 45K-ish in the offset account. (I am not interested in X coll as it is far to risky for my liking). If i pull the 45K out of the offset for a deposit for the PPOR the interest on the IO loan will shoot up so will i still be able to claim this larger amount as a tax deduction?
Should i structure the PPOR as an I+P loan and attached another offset account to this?
Any other suggestionswould be greatly appeciated
Or am i just dreaming and my aspirations out of reach atm?