This is actually more of a tax question...
If a mortgage is in 2 names (with wife) and I redraw to buy investment in my own name, would I be able to claim a deduction for the whole interest?
Example:
Property investment loan is in 2 names Anna and Bob.
The loan is interest only and has $100K available to redraw.
Bob decides to buy another property in his own name using the $100K as a deposit and paying the balance from a new loan secured by the new property (both in Bob's name).
Would Bob be able to claim full interest on the redrawn amount of $100K, or half of it is Anna's (who is in a lower tax bracket)?
If a mortgage is in 2 names (with wife) and I redraw to buy investment in my own name, would I be able to claim a deduction for the whole interest?
Example:
Property investment loan is in 2 names Anna and Bob.
The loan is interest only and has $100K available to redraw.
Bob decides to buy another property in his own name using the $100K as a deposit and paying the balance from a new loan secured by the new property (both in Bob's name).
Would Bob be able to claim full interest on the redrawn amount of $100K, or half of it is Anna's (who is in a lower tax bracket)?