mortgage top-up

D

derrus

Guest
If I top-up my existing mortgae on an investment property can I off-set the full interest amount (subject to the normal limits) against income, for tax purposes?
 
I think it depends on what you use the additional borrowings for. If they are spend on buying/renovating the investment property then I think that interest on the top-up is allowable against rental income. If the money is used for some other purpose then I don't think that it is.

subject to the normal limits

What limits? I thought that 100% of interest on loans used to buy/renovate an investment property could be offset against rental income (and not other income as far as I know) without limits?
 
As Clubman stated if you use the money for investing in property

Either renovating existing or purchasing another

Otherwise, no

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