how to get maximum tax deductability for 1st IP

[chb]

Hi All,

I'm on the lookout for my first IP.

Currently own PPoR worth roughly $450k with loan of 200k

I'd be looking at an IP around 340K. After speaking with my bank they suggested taking out X amount out of the current loan and creating a new loan for the IP.

My question is, will the amount taken from the original loan be tax deductible?

 

[Rolf Latham]

Hi CHB

depends on how it's put together..........most bankers dont know what an IP looks like

id suggest you speak with a good broker that has IP themselves

Close to you might be

www.passgo.com.au

Jamie, who posts here as Mortza

ta
rolf

 

[chb]

ah doh
I need to update my location lol
VIC now