What numbers? Ok..current mortgage ~ $18,000 left, will be paid off within 2 years  value of current property  ~$480KBorrow ~$520000 to buy a $500000 property on say a 25 year loan…for an investment property getting $1600 pm rent..After 2 years move into the investment property and rent out the owned property at around ~$1800 pm.The mortgage i…[Read more]

Qlds007 wrote:
Legend like Terry i am slightly confused.If you then intend to move into this new investment property then the rent you receive on the current property with minimal mortgage will be added to your income and Tax paid on this. The only interest you will then be able to claim is the interest on the $20K loan.Loan needs to be…[Read more]

The thing is I will be doing the rennovation while clients are renting the property..What about painting and stuff like that, its to update and repair certain features….

I'm thinking of doing a similar thing..HOWEVER I wish to move into my place of residence a few months after the work is done. Can only only claim depreciation for those two months or over the life?Or can I define the rennovations as a 'repair' since the kitch and bathroom haven't been fixed since the house was built (over 45 years ago!)