Selling PPOR with IP equity loan BankWest

Discussion in 'Accounting & Tax' started by Jimmy D, 19th Nov, 2015.

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  1. Jimmy D

    Jimmy D Well-Known Member

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    I did get advice (accountant, broker, investment company) the strategy was to convert to a term deposit however the bank changed their policy. I then organised finance through another lender which originally said they'd refinance however later changed their mind days before settlement. The bank said due to contract of sale on house prevented it. I couldn't temp transfer securities to parents house as bank said names on title had to match loan names.

    I posted to this site to confirm my advisors views / get second opinions. In reflection I should have double checked bank policy on term deposits before sale.
     
  2. Terry_w

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

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    But there were other possibilities which may (or may not) have allowed you to maintain deductibility. One possibility could have been a temporary loan from some else which could have been refinanced once your new property settled in 2 months.