I purchased a villa as an investment 3 years ago.
I financed the villa via:
$100,000 LOC secured against PPOR for 20% deposit and cost
$312,000 I/O loan with bankwest - rate tracker
The purchase price of the villa was $392,000
The current value is $460,000
I'm looking at refinancing to consolidate the loan and LOC.
I spoke to ANZ and they can refinance the Bank West Loan and give me $96,000 to pay off the LOC.
Are there any tax implications in doing this?
I financed the villa via:
$100,000 LOC secured against PPOR for 20% deposit and cost
$312,000 I/O loan with bankwest - rate tracker
The purchase price of the villa was $392,000
The current value is $460,000
I'm looking at refinancing to consolidate the loan and LOC.
I spoke to ANZ and they can refinance the Bank West Loan and give me $96,000 to pay off the LOC.
Are there any tax implications in doing this?