Hi
I have a question.
Current situation is as follows:
- I have two Westpac Fixed Investment Property Loans
- Each Loan is $350K
- One of the loans is fixed for 2 years (1 year left) at 4.99% and the other is fixed for 5 years (4 years left) at 5.69%
- One of the loans I have $30000 in redraw and the other I have $10000 (Westpac only allows max of $30k over fixed period for each loan)
- Both loans are currently Principal and Interest.
I want to change both of these loans from Principal and Interest to interest only in advance so I can then prepay interest in advance. As I estimate that my interest is about $35000, I am hoping to get a tax gain of roughly $12000 by prepaying interest for the next financial year in this year.
Can I make this change on the Westpac from P and I fixed to Interest only in advance fixed when both loans are currently fixed?
Westpac website seems to suggest I can.
https://www.westpac.com.au/personal-banking/home-loans/fixed/interest-only-advance/
I have a question.
Current situation is as follows:
- I have two Westpac Fixed Investment Property Loans
- Each Loan is $350K
- One of the loans is fixed for 2 years (1 year left) at 4.99% and the other is fixed for 5 years (4 years left) at 5.69%
- One of the loans I have $30000 in redraw and the other I have $10000 (Westpac only allows max of $30k over fixed period for each loan)
- Both loans are currently Principal and Interest.
I want to change both of these loans from Principal and Interest to interest only in advance so I can then prepay interest in advance. As I estimate that my interest is about $35000, I am hoping to get a tax gain of roughly $12000 by prepaying interest for the next financial year in this year.
Can I make this change on the Westpac from P and I fixed to Interest only in advance fixed when both loans are currently fixed?
Westpac website seems to suggest I can.
https://www.westpac.com.au/personal-banking/home-loans/fixed/interest-only-advance/