hi guys,
im new to the forum. ive got 1 IP in QLD and have now moved down to NSW.
just wondering, say ive my IP has a loan for $200k, i have equity of $100k, i want to draw out $50k for personal use ie. debt consolidation, holiday, car or whatever but i also want to draw out a little extra to look for another IP in NSW. (i know the figures are not realistic, they are just for example sake). so say $10k for personal and $40k for new IP.
i am looking at getting an offset account setup, possibly 2 as i will split the 2 amounts into separate accounts. tax wise, am i able to claim the interest accrued on both amounts or only the $40k? is there a timeframe i must use the $40k within in order for that to be still tax deductable.
or is there any better way of doing it??? i've looked into line of credit as well . i am using suncorp btw.
thanks
im new to the forum. ive got 1 IP in QLD and have now moved down to NSW.
just wondering, say ive my IP has a loan for $200k, i have equity of $100k, i want to draw out $50k for personal use ie. debt consolidation, holiday, car or whatever but i also want to draw out a little extra to look for another IP in NSW. (i know the figures are not realistic, they are just for example sake). so say $10k for personal and $40k for new IP.
i am looking at getting an offset account setup, possibly 2 as i will split the 2 amounts into separate accounts. tax wise, am i able to claim the interest accrued on both amounts or only the $40k? is there a timeframe i must use the $40k within in order for that to be still tax deductable.
or is there any better way of doing it??? i've looked into line of credit as well . i am using suncorp btw.
thanks