Changing LOC to term loan

Discussion in 'Loans & Mortgage Brokers' started by onemediumcrabbisk, 2nd Aug, 2019.

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  1. onemediumcrabbisk

    onemediumcrabbisk Member

    Joined:
    4th May, 2016
    Posts:
    15
    Location:
    Australia
    Hi guys,

    Currently using LOC via Nab for Stock investments( which have performed okay to date).Reviewed rate, no longer competitive.

    1)How difficult is the process of rolling it into a Term Loan( will i need to engage broker or DIY) ?
    2)I presume tax deductibility remains the same?
    3) Also presume I’ll have to stay with NAB for this term loan(otherwise i will need to discharge loan)?


    Thanks in Advance
     
    onemediumcrabbisk, 2nd Aug, 2019
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

    Joined:
    18th Jun, 2015
    Posts:
    41,996
    Location:
    Australia wide
    should be easy
    tax deductions won't change by switching loan type
    No need to stay with NAB but it would be easier
     
    Terry_w, 2nd Aug, 2019
    #2
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