casperamParticipant@casperamJoin Date: 2012Post Count: 5
Many years ago when I started out on my property investing path I had a PPOR which had a regular mortgage against it.
I then used the equity to have two further mortgages to purchase two investment properties.
In recent times I have since paid off the original mortgage which I did not claim for tax purposes leaving just the two loans off which all the funds were used to purchase those IP’s and have been tax-deductible.
In recent times I have been in consultation with my bank about fixing those two loans.
I was told that I could get a lower rate if those loans were classified as owner-occupier as they are currently as investment property loans.
Will it be OK to change the loan classifications to owner-occupier loans take the lower rate and claim the interest as tax-deductible as long as I can show justification that funds were used appropriately?
ThanksTerrywParticipant@terrywJoin Date: 2001Post Count: 16,190