I was told yesterday by someone (an accountant) that I can do this strategy ie negative gear if I have an Offset account for the 600K property (which I do). They said if I had a redraw facility I could not negative gear. I am quite sceptical of this given the feedback I have had so far.
Does having the Offset account make a difference?
I currently live in a prop worth 600K that I have paid off – I have not closed out the Loan.
I am now wanting to buy a new prop to live in worth say 1 Million (as an example)
I want to remortage the 600K property and borrow 400K for the new property and move into the new property.
I then want to rent out the 600K property and have…[Read more]