Hi All, i am planning to get a second property, as i have been paying extra repayment, i am thinking to redraw from loan account and put towards the new property. Want to rent out current and move to the new property, after doing much research online,it seems like if I redraw from current loan i will not get much tax deductible since is based on before redraw? Is this still correct? Anyway around it?
I sign up my loan direct to the bank, so i wasn't aware the difference between 100% offset and redraw facility, so been putting extra into loan account directly.
Thanks.