In our video series Mortgage Strategy 101 Ep. #9 David shares with you how to maximise your tax deductions and save money by paying for tax deductible expenses out of a redraw facility on your investment loan as opposed to spending savings from your Grow offset account as this is reducing your home loan interest which is non-deductible.
This is one example of the many mortgage strategy tips that are subsets of our big five mortgage strategies.
David also takes the time to explain why focusing on reducing the interest on your home loan first makes sense, even though home loan interest rates are lower than investment loans.
The critical factor is due to the tax deductions you receive which reduces the effective cost of the interest on the investment loan subject to your tax bracket. This is illustrated on the wall as he takes you through examples based on different tax brackets.
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