look up tax avoidance (part 4a)
It explains why you cant restructure your loans to produce a better tax position.
The mortgage broker should of set up your first loan with an offset account, in stead of paying off your house. This would of allowed you to use the fund in the offset account to purchase the new property and also be able to now claim the interest on the first property as a deduction.
It explains why you cant restructure your loans to produce a better tax position.
The mortgage broker should of set up your first loan with an offset account, in stead of paying off your house. This would of allowed you to use the fund in the offset account to purchase the new property and also be able to now claim the interest on the first property as a deduction.