Remove equity from PPOR and separately park in offset, until an investment opportunity arises

Discussion in 'Accounting & Tax' started by Melv, 8th Oct, 2021.

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  1. Melv

    Melv Member

    Joined:
    25th Aug, 2017
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    Location:
    melbourne
    Good Morning all,

    I am currently re financing my home loan and hopefully in the next few months may decide to buy an investment property. Currently on 50% LVR
    I was advised by my broker to remove funds from PPOR and park it one of the offset account (This bank provides 8 offset account for 1 .facility

    My concern is, if I use this money that was parked as part of leveraging from the equity, will it be tax deductible ?


    Appreciate any suggestions.

    Regards,

    MElv.
     
    Melv, 8th Oct, 2021
    #1
  2. Terry_w

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

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    Terry_w, 8th Oct, 2021
    #2
    Melv likes this.
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