From: John B
I keep reading about accessing (refinancing)your capital gain. Can someone explain exactly how to do that?
For example if I buy a property for $200,000 (still paying an IO loan) and it is now worth $300,000. How do I refinance to get at the extra $100,000? Does my IO loan change? Bank costs change? What are the tax implications? I understand that there is no CGT as I have not sold it.
Sorry for sounding a bit thick on this issue.
JohnB
I keep reading about accessing (refinancing)your capital gain. Can someone explain exactly how to do that?
For example if I buy a property for $200,000 (still paying an IO loan) and it is now worth $300,000. How do I refinance to get at the extra $100,000? Does my IO loan change? Bank costs change? What are the tax implications? I understand that there is no CGT as I have not sold it.
Sorry for sounding a bit thick on this issue.
JohnB
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