Unfortunately your home loan is not tax-deductible. This includes the interest on the home loan, principal repayments and extra principal repayments beyond the recommendation.
However, the interest on a loan taken on an investment property is tax-deductible.
How your home loan can be tax deductible
As a mortgage broker with a purpose, BFG invests up to 50% of commissions we get from the bank after processing your loan. We invest this amount in your name to our impact partner that is has a DGR status (tax-deductible). You can enjoy the tax savings by going directly through us!