Pay off your loan quicker – and potentially save on tax
If you've taken out a personal loan, you could salary package your repayments. Your personal loan can be for anything from a car or consolidating your debts or going on a holiday.
Either way, by paying your loan with pre-tax money, you could save you interest by paying your loan off sooner as well as saving on tax.
Who can package this?
You could salary package loan repayments if you work for a:
- public or private not-for-profit hospital
- charity or other not-for-profit organisation
and your employer offers this as part of your workplace benefits program. Contact your employer to find out if this benefit is available to you.
What exactly can I package?
You can salary package loan repayments for:
The loan must be in your name (or jointly with someone else).