I am told i could pre-pay interest on i.p.’s.
I called my bank,to be told only fixed interest, interest only loans have this facility.Does anyone know of any other set-up that allows it?
Also,any suggestions on other things that can be pre-paid b4 end of year??Yes you can pay interest a year in advance, and can claim it in the year you pay it. But remember you are just bring forward you deductions, and you may not have much to claim the following year – so watch out if you expect your salary to increase.
To claim in advance, you must know how much the interest will be, therefore you must fix the interest rate. You couldn’t have variable as repayments and interest could change in the middle of the year.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
great advice,cheers.
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