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How will the stage 3 tax cuts affect me?

From 1 July 2024, the government will be taking less tax out of your income. This means each month you’ll have more in your pocket and there are a few ways that this can be used to positively impact your home loan.

If you’re looking to buy, this additional income could boost your borrowing power and if you already have a home loan, increased payments or adding more to your offset account each month could significantly reduce the interest you pay over the life of your loan.

To read about the tax cuts and how they affect you, taxcuts.gov.au has all the details.

Our borrowing calculator could help give an estimation of your borrowing power and read more in our handy guide to understand how you could be making the most of an offset account.

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Legal information about our rates
Our home loans are subject to credit criteria and eligibility requirements. Home loan interest rates are for new customers only and can change. Our comparison rates are based on a $150,000 loan amount over a 25 year term. They factor in fees associated with applying for the loan; ongoing fees and fees associated with leaving the loan. Our fixed loans roll to a variable principal and interest rate at the end of the fixed term. If the interest only period is not specified, the comparison rate is calculated on a one year period.

WARNING: The comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

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At Tiimely Home we are not financial advisers and recommend seeking independent financial and legal advice to check how the information we provide aligns with your individual circumstances.