Question regarding topup fund

[Rachel80606]

Hi guys

I am new for here... so glad to meet everyone in this forum...

I read lots of your guys post and it does open my eyes as well...

NOW I have question regarding the tax issue...

I am planning to use the top up fund from current residental perporty to put as the deposit for off plan apartment... in that suitation... the interest from the top up fund can be tax deductible ???

Thanks so much

Regards

RACHEL

 

[Terry_w]

It oculd be if you have a separate loan split - ie don't increase the existing loan or you will end up with a mixed purpose loan.

 

[Jamie M]

I am planning to use the top up fund from current residental perporty to put as the deposit for off plan apartment... in that suitation... the interest from the top up fund can be tax deductible ???

Yes.

But as Terry said - make sure the top up is set up as a separate loan (ie. you don't just increase your current loan).

Cheers

Jamie

 

[Rachel80606]

Thx sooo much guys