Browse Forums Home Finance Re: Is it worth having redraw on the Home Loan? 21Jul 01, 2010 10:43 pm does it mean interest we are charged on the home loan is tax deductible. or is there a specific situation in which it is?? VICTORY 1800, EN-SUITE, DOUBLE GARAGE, FAMILY ROOM AND ALFRESCO Land Settled: 20 July 2010 Site Scrap: 30 August 2010 Slab Pour: 20 September 2010 Frame Complete: 23 September 2010 Fascia and Gutters: 28 September 2010 Roof Complete: 06 October 2010 Lock-up complete: 28 October 2010 Plaster complete: 29 October 2010 Fix-out complete: 22 Nov 2010 PCI 7 FEBRUARY 2011 Re: Is it worth having redraw on the Home Loan? 22Jul 02, 2010 2:07 pm It is only tax deductible if it is an investment property and interest is tax deductible against income earned (ie rent received). Interest on your residential home is not tax deductible. Re: Is it worth having redraw on the Home Loan? 23Jul 02, 2010 4:34 pm Helyn is right. But if you put your surplus funds into your home loan, thus offsetting the interest on the loan, in most cases it will work out better than if you parked the money in a savings account. Reason being, you pay tax on interest earned, but pay no tax on interest saved. It will depend on your individual situation what's the best thing for you.... The biggest challenge will be if you take out a loan and then run out of money - you'll have an incomplete security and lenders do not like this so you can get stuck.… 2 19108 traditional gable roof facade - Have you did the dark and light gray color combination in facade with gray stone in facade… 0 4212 Hi, you've probably already resolved this, however, Commbank will probably pay the funds to you after you send evidence the work is done regardless the change in the quotes. 1 35327 |