Hi SS
I have purchased a property, borrowing 80% funds from a bank. Unfortunatley I have not had enough time to top up my PPOR loan for the 20% deposit.
Can I borrow 20% from a family member as a commercial agreement (contract etc), then after settlement, top up my PPOR loan for the 20% deposit to repay the family member, whilst maintaining tax deductibility on the 20% bank loan (due to investment purpose) ?
If so, is there anything I need to be weary of .. thanks!
I have purchased a property, borrowing 80% funds from a bank. Unfortunatley I have not had enough time to top up my PPOR loan for the 20% deposit.
Can I borrow 20% from a family member as a commercial agreement (contract etc), then after settlement, top up my PPOR loan for the 20% deposit to repay the family member, whilst maintaining tax deductibility on the 20% bank loan (due to investment purpose) ?
If so, is there anything I need to be weary of .. thanks!