Hi,
A while ago my partner and I sold our PPOR. We are both self employed and the serviceability of a new mortgage we always fall short. So we chose to transfer our mortgage. Therefore with a portion equal to our mortgage, once our PPOR was sold the bank placed the money in a term deposit and serured the mortgage against the term deposit while we looked for an IP.
What the bank failed to explain, and something I should have seeked independant advice over (hinsight is a wonderful thing). Was that we had to pay the full amount of the property, the bank the. moved the mortgage across to the IP. Under this circumstance. Is the interest on the mortgage, that is now secured against the IP tax deductible?
Thanks for your help!!
A while ago my partner and I sold our PPOR. We are both self employed and the serviceability of a new mortgage we always fall short. So we chose to transfer our mortgage. Therefore with a portion equal to our mortgage, once our PPOR was sold the bank placed the money in a term deposit and serured the mortgage against the term deposit while we looked for an IP.
What the bank failed to explain, and something I should have seeked independant advice over (hinsight is a wonderful thing). Was that we had to pay the full amount of the property, the bank the. moved the mortgage across to the IP. Under this circumstance. Is the interest on the mortgage, that is now secured against the IP tax deductible?
Thanks for your help!!