Your home loan could be the key to planning your future. Having your loan structured properly could mean:
Paying off your loan sooner
Saving for your next home
Maximising your tax deductions
It is common that your first home will not be your forever home. Buying a home is not only a lifestyle decision for some but it is also a major investment; one that should grow in value over time.
If you’re a property investor aiming to build a portfolio of properties, then it is equally important to ensure you have the most tax effective structure.
Setting up the optimal loan structure now could potentially help you achieve your goals sooner.
By this we mean:
looking at what type of repayments you are making (interest-only or principal and interest),
whether you are using an offset account or redraw,
what type of interest rate you have (fixed or variable),
are your loans quarantined for specific purposes (personal or investment or future investment), or
if you have multiple properties (are your loans cross-secured or stand-alone)
Before buying a property, it pays to start with the end in mind.
Speak to your Home Loan adviser or contact us to review the structure of your existing loan.
This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances.