Quick Question - If I purchase a residential house with a full 90% loan (so LMI paid) to live in, and live in it for 12 months (Avoid IP stamp duty), then turn this into an investment house and move onto another property, can I just straight away start claiming the interest expense from the date it was up for rental.
I dont have to change a loan over do I?
Also, the LMI can still be claimed for the remaining 4 years cant it?
Have an investment property we are moving into in 12 months so at a cross roads as to whether to sell our current Residential house (has considerable equity) & buy another house so that we claim a lot more & avoid the investment stamp duty by living in it for just 12 months.
The cost factor to buy/sell is something I have to sum up.
Hope my questions make sense
Cheers
Brett
I dont have to change a loan over do I?
Also, the LMI can still be claimed for the remaining 4 years cant it?
Have an investment property we are moving into in 12 months so at a cross roads as to whether to sell our current Residential house (has considerable equity) & buy another house so that we claim a lot more & avoid the investment stamp duty by living in it for just 12 months.
The cost factor to buy/sell is something I have to sum up.
Hope my questions make sense
Cheers
Brett