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Tax deduction when turning home occupied into investment property

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Tom | 05 Nov 2015, 01:56 PM Agree 0
Hi experts,

I need your help on my situation below

I owned the 3 bed rooms house in Hoppers Crossing with home loan about 290K 7 years ago with the redraw facilities 84K. Until now, I nearly paid off the loan.I would like to buy another property and move in about 700K and make this current property as an investment property. After few research I found that I have to pay tax for current property (future investment property) if I got any rental income.

Is it possible that I can increase current property loan to max e.g (200K according to the bank) and have tax deduction when it turn into the investment property?

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