A
Anonymous
Guest
From: Anonymous
Hello,
I purchased my first home 1 year ago with a loan of $200K. I've been living in the home ever since and paying it off as quickly as possible. The loan has a redraw facility.
The lowest I ever got the loan to was $135K owing. However, I used the redraw facility for various personal purchases and also for a kitchen renovation. So at present I have $155K owing on the home.
I'm wondering if I moved out right now and rented out the house, what is the principal amount who's interest is tax deductible? Is it $135K, or is it $155K? Or perhaps it is something between the two?
Cheers
Andrew
Hello,
I purchased my first home 1 year ago with a loan of $200K. I've been living in the home ever since and paying it off as quickly as possible. The loan has a redraw facility.
The lowest I ever got the loan to was $135K owing. However, I used the redraw facility for various personal purchases and also for a kitchen renovation. So at present I have $155K owing on the home.
I'm wondering if I moved out right now and rented out the house, what is the principal amount who's interest is tax deductible? Is it $135K, or is it $155K? Or perhaps it is something between the two?
Cheers
Andrew
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