Hi all,
We want to turn our PPOR into IP. We've had the property for 13 years and owe 35K on the mortgage. We've just purchased another property as our intended PPOR and settlement is in 2 months. The current property is in my name only. Should we pay out the 35K, transfer the title to my wife's name only so she can take out an investment loan to pay me out for the current PPOR which then becomes her IP then I use the that money on the newly acquired PPOR. Is that the best (legal) strategy in this instance or has someone got a more tax effective scenario ?
Opinions are like belly-buttons, everyone's got one. I'll take all of them on board
Cheers
We want to turn our PPOR into IP. We've had the property for 13 years and owe 35K on the mortgage. We've just purchased another property as our intended PPOR and settlement is in 2 months. The current property is in my name only. Should we pay out the 35K, transfer the title to my wife's name only so she can take out an investment loan to pay me out for the current PPOR which then becomes her IP then I use the that money on the newly acquired PPOR. Is that the best (legal) strategy in this instance or has someone got a more tax effective scenario ?
Opinions are like belly-buttons, everyone's got one. I'll take all of them on board
Cheers