Initial loan on my PPOR was 400k. Over the years I have paid off 200k. I now want to turn this into an IP as I have just bought (settle in 2 months) a new property that I want to live in.
Can I refinance the loan on the existing property so that the loan is back up to 400k and use the funds as part payment on my new purchase which will be my PPOR? Will the refinanced loan be fully tax deductible as it is going to be an IP? If not, is there anything I can do to make the 400k loan tax deductible?
Can I refinance the loan on the existing property so that the loan is back up to 400k and use the funds as part payment on my new purchase which will be my PPOR? Will the refinanced loan be fully tax deductible as it is going to be an IP? If not, is there anything I can do to make the 400k loan tax deductible?