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105% loan, savings used for deposit - deductable?

Discussion in 'General Property Chat' started by inertia, 8th Sep, 2016.

  1. inertia

    inertia Well-Known Member

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    Howdy,

    So I need to pay a deposit on an IP, but my refinance is not yet complete. If I draw a cheque from my savings as the deposit, when it comes to settlement, can I pay the remainder from the loan funds, and also "pay myself" the deposit amount back in to savings... without deductibility issues?

    Cheers,
    Inertia
     
  2. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    A straight forward NO.
     
  3. York

    York Finance Broker Business Member

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  4. Terry_w

    Terry_w Solicitor, Finance Broker, CTA Business Member

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    Think about alternatives - borrowing from someone else and then refinancing this loan for example.
     
    York likes this.
  5. Simon Moore

    Simon Moore Mortgage Broker - Melbourne Business Member

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    Borrow against cash in a term deposit.
     
  6. Perthguy

    Perthguy Well-Known Member

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    Is a deposit bond possible?
     
  7. inertia

    inertia Well-Known Member

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    That's what I thought.

    This process can be extremely frustrating!
     
  8. inertia

    inertia Well-Known Member

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    I guess anything is possible! I'll look into it.

    Cheers,
    Inertia.
     
    Perthguy likes this.
  9. Scott No Mates

    Scott No Mates Well-Known Member

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    Short term pain - credit card cash advance from a clean card with no other charges