All Topics / Help Needed! / Renovations for PPOR

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  • Profile photo of pale alepale ale
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    @pale-ale
    Join Date: 2011
    Post Count: 6
    August 12, 2012 - 12:33 am

    Hi, Our PPOR needs a few things fixed (Air cons, new bathroom and extension)

    We plan to move out and rent the house in about 5yrs.

    We currently pay interest only, and have a MISA account for spare cash to sit in.

    Is it best practice to borrow $70k eg.  for these repairs / renovations, as this can then be tax deductible when we rent the place in  the future?.

    Can this money, then sit in the Misa acc until we use it, or will there be difficulty in keeping track of it for tax purposes.

    Thanks for any advice

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