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  • Profile photo of brahmsbrahms
    Participant
    @brahms
    Join Date: 2004
    Post Count: 485

    Hi,

    probably a topic already discussed into submission – whats the concensus – is MI a claimable expence when purchasing an investment property.

    Has this scenario been tested by the ATO?

    tks in advance.

    cheers

    brahms

    If you don’t ask, the answer is no!!

    Profile photo of DerekDerek
    Member
    @derek
    Join Date: 2004
    Post Count: 3,544

    Hi Brahms,

    MI is considered a borrowing cost and as such is claimable over five years or the life of the loan whichever is the shorter period.

    Edit insertion ‘They (borrowing costs) also include other costs that the lender requires you to incur as a condition of them lending you the money for the property – such as the costs of obtaining a valuation of lender’s mortgage insurance if you borrow more than a certain percentage of the purchase price of the property”

    From ATO Rental Properties guide 2002 – 03.

    Derek
    [email protected]

    Property Investment Support Available. Ongoing and never stopping. PM welcome.

    Profile photo of brahmsbrahms
    Participant
    @brahms
    Join Date: 2004
    Post Count: 485

    quick answer is a good answer, tks Derek

    cheers

    brahms

    If you don’t ask, the answer is no!!

Viewing 3 posts - 1 through 3 (of 3 total)

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