I am an Australian resident and have a PPOR in Australia. I have build up some good equity with my PPOR and wish to leverage it for buying property overseas (India). E.g Overseas investment property is $100K. I plan to give $20K as deposit from my savings and for the remaining $80k, I plan to first withdraw money from PPOR equity and then remit it to overseas. Also, I plan to take interest only loan for PPOR equity
My Question
1. Will financial institution/banks allow to use their loan amount for Overseas investments without knowing details about the overseas investment?
2. Will ATO consider this loan and property for Negative gearining benfits?
3. Any other issues/risk involves in this kind of investment (apart of forex rate, remittance charges, Australian capital gain tax when i sell the overseas property)
Cheers
Manish
My Question
1. Will financial institution/banks allow to use their loan amount for Overseas investments without knowing details about the overseas investment?
2. Will ATO consider this loan and property for Negative gearining benfits?
3. Any other issues/risk involves in this kind of investment (apart of forex rate, remittance charges, Australian capital gain tax when i sell the overseas property)
Cheers
Manish