G'day all ,
I posted this last week and lost the reply with the changeover.Sorry for the hassle Dale.
My wife and I have 3 positive geared IP's in our own names that have increased in value by obout 80%.We have also purchased more properties but they are through our Family Trust .If we were to get a LOC using the extra equity in the first 3 IPs as security and had the original I/O loan repayments of these 3 IPs taken out of this LOC would the interest payable on the LOC be tax deductable.
Hopefully the answer is yes. If so over time our first 3 properties will become -ve geared and provide tax relief and the IPs in our Trust will become more +ve geared creating more for distribution to low income family members
Thanks Bushy
I posted this last week and lost the reply with the changeover.Sorry for the hassle Dale.
My wife and I have 3 positive geared IP's in our own names that have increased in value by obout 80%.We have also purchased more properties but they are through our Family Trust .If we were to get a LOC using the extra equity in the first 3 IPs as security and had the original I/O loan repayments of these 3 IPs taken out of this LOC would the interest payable on the LOC be tax deductable.
Hopefully the answer is yes. If so over time our first 3 properties will become -ve geared and provide tax relief and the IPs in our Trust will become more +ve geared creating more for distribution to low income family members
Thanks Bushy