Total Members: 158,752

orbitor

  • orbitor replied to the topic RBA in the forum Finance 13 years, 8 months ago

    Matt007 wrote:
    Gee, do you think they could settle for only $3Billion profit? Makes me  sick to my stomach.

    isn’t the point of a company (in this case a bank) to try and maximise profit?

    I have to say that although I’m a mortgage holder and looking to buy more property, I can’t help but think that some cooling off on house prices is a good thing.

  • orbitor replied to the topic PPOR to IP and Asset Protection in the forum Finance 13 years, 8 months ago

    ryan57 wrote:
    With the re-draw, am presuming if we were take out the 60k for other purposes, we could still only claim a tax deduction of Int on the current $300k, not the new bal of $360k.

    That’s right, I’ve asked this question before. The point is the purpose of the redraw. It is regarded as a separate loan.

  • orbitor replied to the topic Conversion of PPOR to IP in the forum Finance 13 years, 9 months ago

    Terryw: I can see how that would help, but wouldn’t the loan situation on my current PPOR start getting very messy if I begin redrawing regularly to cover expenses on it? Or do you mean after it becomes an IP start doing that?

  • orbitor replied to the topic Conversion of PPOR to IP in the forum Finance 13 years, 9 months ago

    I understand now Dan42, the redraw is effectively considered a ‘new loan’ so the interest on that part of the loan cannot be deducted as it’s not accruing against the IP in ATO’s eyes.

  • orbitor replied to the topic Conversion of PPOR to IP in the forum Finance 13 years, 9 months ago

    Hi Richard,

    Thanks for your response and your welcome :) The existing property is solely in my name but my partner and I are listed on the mortgage. Haven’t really considered who would ‘own’ the new property.

    So I’m having a little trouble understanding. If I redraw on my PPOR now, then the balance would be much more negative. If I then convert…[Read more]

orbitor

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