I have investment Property which I have been unable to rent/lease yet this financial year as I have been arranging finance and negotiating with builders for renovations on the property to bring it to a state where I can lease it out again.
Its currently being renovated.
It should be available for rent by the end of this financial year so…[Read more]
Hi all. After meeting with a couple of carpenters/builders they were shocked with state of property. Front of house is ok…. Back which includes kitchen, bathroom is pretty much right off and floor joists also need to be replaced.
Looks like will will need min $70k to get somewhat up to scratch and $100k for better result.
question is given…[Read more]
Does this answer my question. Taken from ATO website.
Expenses prior to property being available
You can claim expenditure such as interest on loans,
local council, water and sewage rates, land taxes and
emergency services levy on land on which you have
purchased to build a rental property or incurred during
renovations to a property…[Read more]
Thanks for that Richard.I think I follow. So the difference in the repayment amounts goes to the principal.So given the opportunity to draw out the equity. Should I do it and place in an offset account?Ie money would be used for possible investment property deposit. The existing loan is also investment & I have no other debt. Will increase my r…[Read more]