Hi Guys
I've read on numerous articles/website that suggests the best way to get the most of your negative geared rental property is put all your mortgage borrowing on your rental instead of your own home to maximize the amount you can claim back on the bank interest.
Ie if your own home is 1 mil and 500k is mortgage and the rental is 1 mil and also 500k mortgage; then its best to take the 500k mortgage and put it on the rental so that you owe nothing on your house and 1 mil on the rental.
My question is how do you go about doing this? I dont think its as simple as going to the bank and telling them to take X amount on this property and put it on that property is it?
Can someone please suggest the right method of doing this?
Thanks
I've read on numerous articles/website that suggests the best way to get the most of your negative geared rental property is put all your mortgage borrowing on your rental instead of your own home to maximize the amount you can claim back on the bank interest.
Ie if your own home is 1 mil and 500k is mortgage and the rental is 1 mil and also 500k mortgage; then its best to take the 500k mortgage and put it on the rental so that you owe nothing on your house and 1 mil on the rental.
My question is how do you go about doing this? I dont think its as simple as going to the bank and telling them to take X amount on this property and put it on that property is it?
Can someone please suggest the right method of doing this?
Thanks
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