I purchased a property lived in it for 12 months and then rented it for 5 years and then lived in it again for 9 years.I have purchased another property and was going to sell my property no i would not pay CGT, i am now thinking of keeping it a turning it into an investment property. I would like to know if i can refinance against the property to pull out equity (leave 20% of property value) from that property to place in my new home as this will be my principal home?
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Yes, you are allowed to redraw for private purposes - but there will be no tax deduction for the extra interest.
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Yes, you are allowed to redraw for private purposes - but there will be no tax deduction for the extra interest.
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