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  • Profile photo of lexdlexd
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    @lexd
    Join Date: 2015
    Post Count: 5
    July 5, 2018 - 8:57 am

    Thanks guy! and thanks Terry! I think i understand it now, cheers! :)

    Profile photo of lexdlexd
    Participant
    @lexd
    Join Date: 2015
    Post Count: 5
    May 9, 2016 - 8:51 am

    hi terry,

    never knew what I’ve done by refinancing and parking the money in the offset would’ve created such a mess..

    say if I am able to postpone buying my ppor for another year, can I now use my offset (borrowed + personal money) to buy another investment property instead?

    if I can buy another ip without tax issues then hopefully after 1 year I’ll get some capital gains and I can refinance and split the loan on that instead.. I spoke to a friend of mine and he goes because my money is now contaminated, I may have issues.. I just want to be sure before I use that money to reinvest..

    thanks again!

    Profile photo of lexdlexd
    Participant
    @lexd
    Join Date: 2015
    Post Count: 5
    May 8, 2016 - 10:42 pm

    Thanks terryw,

    That is correct.. I had refinanced the loan and put the extra borrowed money into my offset account..

    Is there a way to fix the contamination? It’s only been less than 12 months so if I look back into the offset account, I can easily determine how much I’ve been putting in since the refinance..

    By the way, this loan+offset account is purely for investment only, so i have never withdrawn any money out from this account for personal spending.. I hope this can also make it easier to untangle the mess?

    Profile photo of lexdlexd
    Participant
    @lexd
    Join Date: 2015
    Post Count: 5
    May 7, 2016 - 11:49 pm

    Hi all,

    sorry to bring up an old thread, I am also having the same question as the OP.

    Currently I have an IP and about 6 months ago I have refinanced it thinking to purchase another IP, however things have changed and I am now looking to purchase a PPOR instead.

    Current IP Loan: 350k
    Current offset amount: 100k (including my savings)

    Since the refinance, I’ve been putting all my savings into the offset account (to reduce interest).

    So my question is that now I have my personal savings and money from the equity sitting in the offset account, will I be able to use all that 100k from the offset account to purchase my PPOR? or will I only be able to use what I’ve put in since the refinance?

    Say if I am able to use that 100k from the offset, this will obvious increase the amount of interest I pay for the IP loan, will I be able to claim this extra interest as tax deductions?

    thanks in advance!

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