Tax Deduction for Mortgage Payments?
Coalition Leader Peter Dutton will unveil a plan to allow first-time buyers of newly built homes to be able to deduct mortgage payments from income taxes if he is elected on 3 May 2025.
The policy would mean a family on average incomes would be around $11,000 a year better off — or $55,000 over five years.
This may only be for a 5 year term, and for the first $650,000 of the loan.
It is also only available for a Newly Built home, not an existing home.
The policy is not available for those earning above $175,000 for singles and $250,000 for couples.