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From: Anonymous
Is it possible to have a different lender for your IP than the one you have for your owner / occupier home loan? I have an O/O loan for my personal place of residence with a mortgage a particular bank. Can I go to another bank and borrow the money for the IP, but will the 2nd bank be allowed to take security over my personal home if the first bank has a mortgage on it?
Also I am thinking about having a component of variable and fixed on my IP, and also set up a LOC for expenses incurred throughout the year before claimable at tax time. Is the interest incurred on this LOC for IP expenses tax deductible and do you think it is a good idea to have this facility in place?
Is it possible to have a different lender for your IP than the one you have for your owner / occupier home loan? I have an O/O loan for my personal place of residence with a mortgage a particular bank. Can I go to another bank and borrow the money for the IP, but will the 2nd bank be allowed to take security over my personal home if the first bank has a mortgage on it?
Also I am thinking about having a component of variable and fixed on my IP, and also set up a LOC for expenses incurred throughout the year before claimable at tax time. Is the interest incurred on this LOC for IP expenses tax deductible and do you think it is a good idea to have this facility in place?
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