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  • Profile photo of brmcnallybrmcnally
    Participant
    @brmcnally
    Join Date: 2003
    Post Count: 2

    Is it possible to borrow against the equity in an investment property to pay out mortgage on principal place of residence?

    Brian

    Profile photo of Stuart WemyssStuart Wemyss
    Member
    @stuart-wemyss
    Join Date: 2003
    Post Count: 598

    Sure its possible but the new loan will not be tax deductible because the purpose of the debt is to repay “non-deductible” debt.

    It similar to borrowing against your investment property to buy a boat or a car. The purpose is to purchase “personal use assets” and therefore no allowable deduction.

    But good thinking… [:D]

    Cheers

    Stu

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