Hi team,
I purchased a PPoR last year with an IO loan and offset account. 20% depostit (to make the bank happy). I'm moving out in two weeks and will be renting. My PPoR will become an IP. I was under the impression that I could then claim interest on the 80% as a deduction when the purpose changed. But someone said I may have a regulated loan that I have to refinance to get out of so I can claim the interest as an expense? (When I got the loan I probably said it was for personal purposes.)
Can someone please confirm if I'm going to have to refinance or get my loan to be unregulated?
Thanks,
Sometimes clueless.
I purchased a PPoR last year with an IO loan and offset account. 20% depostit (to make the bank happy). I'm moving out in two weeks and will be renting. My PPoR will become an IP. I was under the impression that I could then claim interest on the 80% as a deduction when the purpose changed. But someone said I may have a regulated loan that I have to refinance to get out of so I can claim the interest as an expense? (When I got the loan I probably said it was for personal purposes.)
Can someone please confirm if I'm going to have to refinance or get my loan to be unregulated?
Thanks,
Sometimes clueless.