Mortgage Repayments including normal home loans (principal & interest), interest only home loans, home loans with redraw facilities and other loans that cover the financing of your home, can be included in your salary package up-to the threshold limit (capped) for your industry sector, per fringe benefits tax (FBT) year.
Mortgage repayments can form part of, or your entire threshold amount for General Expenses per fringe benefits tax (FBT) year.
The FBT Year begins 1st April and runs to 31st March each year. Employees beginning their package part way through an FBT year can still access their entire threshold.
Where the payment is not made directly to the loan account the amount to package cannot exceed the loan repayment amount.
The loan does not have to be solely in your name.
Investment or Business loans cannot typically be included in a salary package.
Process and Payment Options
Select Mortgage Repayements, the amount you would like to package and your preferred packaging / payment option.
You need to provide substantiation when applying to package this benefit, depending on how your Mortgage is paid or how your payment is to be reimbursed, ie:
If payment required direct to your loan account
If you pay your Mortgage by Direct Debit from your bank account