Compare Interest-Only Home Loan Rates in Australia
RATE OF THE DAY
Variable
5.49%
Comparison Rate*
7.86%
This is our pick of the top rates available from the lenders we analysed. Rate shown is for investors making principal and interest repayments with a loan-to-value ratio of 80%
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The best interest-only home loan rates right now

These are some of the best interest-only home loan rates for investors available from the major banks, plus the largest non-major banks and member-owned lenders.

The Big 5 Banks
Non-Major Banks
Member Owned
Lender
Variable
1-Year Fixed
2-Year Fixed
3-Year Fixed
4-Year Fixed
5-Year Fixed
6.60%
Interest Rate
6.85%
Comparison Rate
5.99%
Interest Rate
6.67%
Comparison Rate
6.19%
Interest Rate
6.67%
Comparison Rate
6.29%
Interest Rate
6.68%
Comparison Rate
6.39%
Interest Rate
6.71%
Comparison Rate
6.29%
Interest Rate
6.71%
Comparison Rate
5.90%
Interest Rate
5.92%
Comparison Rate
6.79%
Interest Rate
6.05%
Comparison Rate
6.89%
Interest Rate
6.15%
Comparison Rate
6.94%
Interest Rate
6.25%
Comparison Rate
6.99%
Interest Rate
6.35%
Comparison Rate
7.09%
Interest Rate
7.47%
Comparison Rate
6.55%
Interest Rate
6.63%
Comparison Rate
6.64%
Interest Rate
8.58%
Comparison Rate
6.49%
Interest Rate
8.37%
Comparison Rate
6.79%
Interest Rate
8.28%
Comparison Rate
6.94%
Interest Rate
8.20%
Comparison Rate
7.04%
Interest Rate
8.14%
Comparison Rate
6.79%
Interest Rate
6.57%
Comparison Rate
6.09%
Interest Rate
7.43%
Comparison Rate
6.29%
Interest Rate
7.33%
Comparison Rate
6.34%
Interest Rate
7.23%
Comparison Rate
6.44%
Interest Rate
7.17%
Comparison Rate
6.49%
Interest Rate
7.12%
Comparison Rate
6.39%
Interest Rate
6.72%
Comparison Rate
6.24%
Interest Rate
6.86%
Comparison Rate
6.29%
Interest Rate
6.81%
Comparison Rate
6.39%
Interest Rate
6.79%
Comparison Rate
5.39%
Interest Rate
6.76%
Comparison Rate
6.39%
Interest Rate
6.72%
Comparison Rate
Investment loans with interest-only repayments. Rates assume a 50% LVR.
Lender
Variable
1-Year Fixed
2-Year Fixed
3-Year Fixed
4-Year Fixed
5-Year Fixed
6.04%
Interest Rate
6.05%
Comparison Rate
5.99%
Interest Rate
6.54%
Comparison Rate
5.99%
Interest Rate
6.51%
Comparison Rate
6.04%
Interest Rate
6.50%
Comparison Rate
6.24%
Interest Rate
6.12%
Comparison Rate
6.24%
Interest Rate
6.56%
Comparison Rate
6.15%
Interest Rate
6.06%
Comparison Rate
6.44%
Interest Rate
6.56%
Comparison Rate
6.54%
Interest Rate
6.50%
Comparison Rate
6.64%
Interest Rate
6.57%
Comparison Rate
-
Interest Rate
-
Comparison Rate
6.64%
Interest Rate
6.64%
Comparison Rate
6.09%
Interest Rate
5.99%
Comparison Rate
6.29%
Interest Rate
5.94%
Comparison Rate
6.29%
Interest Rate
5.98%
Comparison Rate
6.29%
Interest Rate
6.01%
Comparison Rate
6.44%
Interest Rate
6.10%
Comparison Rate
6.44%
Interest Rate
6.14%
Comparison Rate
6.14%
Interest Rate
6.20%
Comparison Rate
-
Interest Rate
-
Comparison Rate
6.59%
Interest Rate
6.35%
Comparison Rate
6.64%
Interest Rate
6.41%
Comparison Rate
6.94%
Interest Rate
6.56%
Comparison Rate
6.94%
Interest Rate
6.62%
Comparison Rate
6.19%
Interest Rate
6.13%
Comparison Rate
6.29%
Interest Rate
6.09%
Comparison Rate
6.24%
Interest Rate
6.11%
Comparison Rate
6.39%
Interest Rate
6.16%
Comparison Rate
6.59%
Interest Rate
6.26%
Comparison Rate
6.59%
Interest Rate
6.30%
Comparison Rate
Investment loans with interest-only repayments. Rates assume a 50% LVR.
Lender
Variable
1-Year Fixed
2-Year Fixed
3-Year Fixed
4-Year Fixed
5-Year Fixed
6.19%
Interest Rate
6.21%
Comparison Rate
5.59%
Interest Rate
5.89%
Comparison Rate
5.59%
Interest Rate
5.88%
Comparison Rate
5.49%
Interest Rate
7.86%
Comparison Rate
-
Interest Rate
-
Comparison Rate
5.69%
Interest Rate
5.92%
Comparison Rate
6.19%
Interest Rate
6.08%
Comparison Rate
6.24%
Interest Rate
8.04%
Comparison Rate
6.09%
Interest Rate
7.84%
Comparison Rate
6.24%
Interest Rate
7.72%
Comparison Rate
5.79%
Interest Rate
7.07
Comparison Rate
6.44%
Interest Rate
7.56%
Comparison Rate
5.94%
Interest Rate
6.30%
Comparison Rate
-
Interest Rate
-
Comparison Rate
-
Interest Rate
-
Comparison Rate
6.49%
Interest Rate
6.466%
Comparison Rate
-
Interest Rate
-
Comparison Rate
6.79%
Interest Rate
6.82%
Comparison Rate
5.99%
Interest Rate
6.02%
Comparison Rate
6.39%
Interest Rate
5.99%
Comparison Rate
6.49%
Interest Rate
5.97%
Comparison Rate
6.69%
Interest Rate
6.08%
Comparison Rate
-
Interest Rate
-
Comparison Rate
6.79%
Interest Rate
6.25%
Comparison Rate
5.99%
Interest Rate
6.05%
Comparison Rate
6.85%
Interest Rate
8.10%
Comparison Rate
6.95%
Interest Rate
7.98%
Comparison Rate
6.95%
Interest Rate
7.87%
Comparison Rate
-
Interest Rate
-
Comparison Rate
6.85%
Interest Rate
7.64%
Comparison Rate
Investment loans with interest-only repayments. Rates assume a 50% LVR.

Why choose an interest-only home loan

1.
Lower repayments: The fundamental reason to go interest-only on your home loan is to reduce your regular repayments for the interest-only period. By only paying the interest on the loan for that period of time, your repayments could be around 10-20% lower or more depending on the loan.
2.
Cashflow for investors: Interest-only is a popular choice for investors as it means they have more spare cash to use for other purposes. It could mean freeing up cash temporarily for other investments or to cover other investment property costs (property management fees, insurance etc.).
3.
Tax optimisation: Because the interest paid on an investment loan is generally tax-deductible, investors may choose interest-only repayments on their investment loan to lower their repayments and then divert the funds to pay down the mortgage on their own home (not tax-deductible).
4.
Construction loan: Loans for building a property commonly have interest-only repayments while the property is being built. That’s because during that period the people building the property need every extra, as they’re often renting during construction, or in the case of an investor, not earning any rent.
5.
Temporary breathing room: In some cases, lenders will allow borrowers to move to interest-only repayments to help with short-term financial challenges, such as a drop in income. This is usually preferable to banks versus the customer getting into mortgage stress and falling behind on repayments.
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Where can I find the best interest-only home loan rates?

To find the best interest-only home loan rates, you’ll generally need to look outside the major banks and instead focus on non-bank lenders and smaller banks and customer-owned lenders. These may be lenders you’ve never heard of (think Bank of us and P&N Bank), but borrowers who you’re willing to shop far and wide for the best home loan rates generally find them.

Lowest variable rate interest-only home loans (owner occupier)

Product Interest rate Comparison rate* Max LVR
The Mac Credit Union Discounted Basic Variable Home Loan 5.42% p.a. 7.08% p.a. 80%
Bank of us FlexiDiscount Home Loan Construction 5.52% p.a. 5.62% p.a. 60%
Great Southern Bank Basic Construction 5.54% p.a. 5.60% p.a. 70%
Great Southern Bank Offset Construction 5.64% p.a. 5.70% p.a. 70%
Newcastle Permanent Building Society Real Deal Home Loan Special 5.69% p.a. 5.30% p.a. 80%

Lowest 1-year fixed rate interest-only home loans (owner occupier)

Product name Interest rate Comparison rate Max LVR
Bank of us FlexiDiscount Fixed Home Loan Construction 5.79% p.a. 5.65% p.a. 60%
P&N Bank Fixed Rate Home Loan 5.99% p.a. 5.84% p.a. 80%
HSBC Fixed Rate Home Loan (With Package) 5.99% p.a. 6.14% p.a. 60%
BCU Bank Fixed Rate Home Loan 6.09% p.a. 5.79% p.a. 80%
Auswide Bank Home Loan Plus Fixed Freedom Package 6.09% p.a. 6.26% p.a. 60%

Lowest 2-year fixed rate interest-only home loans (owner occupier)

Product name Interest rate Comparison rate Max LVR Bank of us FlexiDiscount Fixed Home Loan Construction 5.84% p.a. 5.68% p.a. 60% Queensland Country Bank Ultimate Home Loan Package (Fixed) 5.89% p.a. 6.12% p.a. 95% HSBC Fixed Rate Home Loan (With Package) 5.99% p.a. 6.15% p.a. 60% P&N Bank Fixed Rate Home Loan 6.09% p.a. 5.88% p.a. 80% Queensland Country Bank Ultimate Home Loan Package (Fixed) 6.09% p.a. 6.24% p.a. 95%

Lowest 3-year fixed rate interest-only home loans (owner occupier)

Product name Interest rate Comparison rate Max LVR
Bank of us FlexiDiscount Fixed Home Loan Construction 5.89% p.a. 5.72% p.a. 60%
Border Bank Customs Value Owner Occupied IO 5.99% p.a. 5.73% p.a. 60%
Police Bank Police Value 5.99% p.a. 5.73% p.a. 60%
Border Bank Customs Value Owner Occupied IO 5.99% p.a. 5.77% p.a. 90%
Police Bank Police Value 5.99% p.a. 5.77% p.a. 90%

Lowest 4-year fixed rate interest-only home loans (owner occupier)

Product name Interest rate Comparison rate Max LVR
Bank of us FlexiDiscount Fixed Home Loan Construction 5.89% p.a. 5.75% p.a. 60%
P&N Bank Fixed Rate Home Loan 6.24% p.a. 5.98% p.a. 80%
Bank of us MyHome FlexiChoice Fixed Home Loan 6.24% p.a. 6.52% p.a. 80%
BCU Bank Fixed Rate Home Loan 6.34% p.a. 5.98% p.a. 80%
NAB Tailored Home Loan Fixed 6.39% p.a. 6.44% p.a. 60%

Lowest 5-year fixed rate interest-only home loans (owner occupier)

Product name Interest rate Comparison rate Max LVR
Bank of us FlexiDiscount Fixed Home Loan Construction 5.89% p.a. 5.78% p.a. 60%
Bank of us MyHome FlexiChoice Fixed Home Loan 6.24% p.a. 6.50% p.a. 80%
P&N Bank Fixed Rate Home Loan 6.29% p.a. 6.03% p.a. 80%
BCU Bank Fixed Rate Home Loan 6.39% p.a. 6.04% p.a. 80%
Border Bank Customs Value Owner Occupied IO 6.44% p.a. 5.99% p.a. 60%

Lowest variable rate interest-only home loans (investor)

Product name Interest rate Comparison rate Max LVR
in1bank in1invest 5.59% p.a. 5.64% p.a. 50%
Woolworths Team Bank Residential Investment Variable 5.59% p.a. 6.58% p.a. 80%
Horizon Bank First Home Buyer Loan Residential Investment 5.69% p.a. 5.69% p.a. 70%
Bank of us FlexiChoice Residential Investment Loan 5.74% p.a. 5.76% p.a. 60%
Great Southern Bank Basic Construction 5.74% p.a. 5.80% p.a. 70%

Lowest 1-year fixed rate interest-only home loans (investor)

Product name Interest rate Comparison rate Max LVR
Heritage Bank Home Advantage Package Inv Fixed IO 5.59% p.a. 5.89% p.a. 70%
Regional Australia Bank Fixed Investor Home Loan (IO) 5.78% p.a. 5.73% p.a. 60%
Bank of China Fixed Investment Home Loan - Australian Income 5.79% p.a. 8.34% p.a. 80%
Bank of us FlexiChoice Fixed Residential Investment Loan 5.84% p.a. 5.61% p.a. 60%
Bank of us FlexiChoice Fixed Residential Investment Loan Construction 5.84% p.a. 5.85% p.a. 60%

Lowest 2-year fixed rate interest-only home loans (investor)

Product name Interest rate Comparison rate Max LVR
Heritage Bank Home Advantage Package Inv Fixed IO 5.59% p.a. 5.88% p.a. 70%
Regional Australia Bank Fixed Investor Home Loan (IO) 5.83% p.a. 5.74% p.a. 60%
Bank of us FlexiChoice Fixed Residential Investment Loan 5.84% p.a. 5.64% p.a. 60%
Move Bank Everyday Fixed Home Loan 5.84% p.a. 5.80% p.a. 90%
Bank of us FlexiChoice Fixed Residential Investment Loan Construction 5.84% p.a. 5.86% p.a. 60%

Lowest 3-year fixed rate interest-only home loans (investor)

Product name Interest rate Comparison rate Max LVR
Heritage Bank Home Advantage Package Inv Fixed IO 5.49% p.a. 5.86% p.a. 70%
Bank of us FlexiChoice Fixed Residential Investment Loan 5.94% p.a. 5.69% p.a. 60%
Bank of us FlexiChoice Fixed Residential Investment Loan Construction 5.94% p.a. 5.90% p.a. 60%
Queensland Country Bank Ultimate Home Loan Package (Fixed) for Investors 5.94% p.a. 6.20% p.a. 80%
Bendigo Bank Easy Home Loan Fixed 6.03% p.a. 5.94% p.a. 60%

Lowest 4-year fixed rate interest-only home loans (investor)

Product name Interest rate Comparison rate Max LVR
Bank of us FlexiChoice Fixed Residential Investment Loan 6.09% p.a. 5.78% p.a. 60%
Bank of us FlexiChoice Fixed Residential Investment Loan Construction 6.09% p.a. 5.97% p.a. 60%
HSBC Fixed Rate Home Loan (With Package) 6.24% p.a. 6.40% p.a. 60%
NAB Tailored Investment Loan Fixed 6.24% p.a. 6.56% p.a. 60%
NAB Tailored Investment Loan Fixed Choice Package 6.24% p.a. 7.69% p.a. 90%

Lowest 5-year fixed rate interest-only home loans (investor)

Product name Interest rate Comparison rate Max LVR
Heritage Bank Home Advantage Package Inv Fixed IO 5.69% p.a. 5.92% p.a. 70%
Bank of us FlexiChoice Fixed Residential Investment Loan 6.09% p.a. 5.82% p.a. 60%
Bank of us FlexiChoice Fixed Residential Investment Loan Construction 6.09% p.a. 5.99% p.a. 60%
HSBC Fixed Rate Home Loan (With Package) 6.24% p.a. 6.41% p.a. 60%
Tiimely Home Investment - Interest only 6.33% p.a. 6.06% p.a. 90%

What’s the difference between an interest-only home loan and a principal and interest one?

The main difference between an interest-only home loan and the standard principal and interest set up is in what your repayments are going towards. With interest-only, your repayments only pay off the interest that accumulates on your loan balance, whereas on a standard loan, your repayments go towards the principal (the amount you borrowed) and the interest.

Because you’re only paying the interest on the loan, the repayments are lower on an interest-only home loan, but revert to a higher level once the interest-only period ends. By contrast, a principal and interest home loan has more consistent repayments, although they may fluctuate if your interest rate changes.

The other main difference is time-frame. You can only opt for interest-only repayments for a portion of your loan term, usually between one and five years if you’re an owner occupier or up to 15 years for investors. The table below summarised the main differences:

Interest-only Principal and interest
Repayment level Lower Higher
Payments contribute towards Interest Interest plus amount borrowed
Term duration 1-5 years for owner occupiers, up to 15 years for investors Up to 30 years
Overall interest cost Higher Lower

How does an interest-only home loan actually work? 

An interest-only home loan means lower repayments for a period of time, because the payments only need to cover the interest charged on the loan. Lenders offer this as an option for borrowers who need to free up cash for another purpose. The interest rate can either be fixed or variable, but a fixed rate is more common.

The interest-only period is usually at the start of the loan term, but it can also be possible to switch over to interest-only repayments during the loan term (fees may apply).

If you choose interest only repayments, your repayments will be lower than they would have been if you were making principal and interest repayments. But once the interest-free period ends, the repayment will be higher than they would be under a standard principal and interest loan set up.

Interest-only use case example

Let’s take the example of a hypothetical couple, Sue and Greg, who have a home loan on an owner-occupier property and are purchasing an investment property with a second loan. For the investment they opt for a 10-year interest-only term. 

On a $750,000 home loan at 6.50% p.a. interest, their monthly repayments will be $678 lower than they would have been with principal and interest repayments. The lower investment loan repayments mean they have enough to cover the property management fees on their investment property and pay extra on their owner occupier loan. 

They plan to hold the investment property and assess whether to sell it in 10 years at the end of the interest-only period, or hold it and revert to the higher principal and interest repayments on the loan. At that stage, they also plan to have their owner occupier loan cleared, freeing up cash to direct to the investment loan.

This is an entirely hypothetical and greatly simplified example. If you’re considering an investment-only home loan and/or purchasing an investment property, you seek professional financial and mortgage advice before progressing.

Are interest-only home loan rates higher?

Interest rates are generally higher on interest-only loans versus principal and interest loans. But how much of a difference there is will generally depend on whether you’re an investor or an owner occupier, with the gap generally being greater for owner occupiers. 

Looking at the average mortgage rates in Australia, the average new investment home loan with interest-only repayments is 5.77% p.a. versus 5.59% for principal and interest loans. For owner occupiers, the average new interest-only loan has a rate of 6.36% p.a. versus 5.42% p.a. for principal and interest loans.

The reason the gap between rates are on investment loans compared to largely comes down to risk perception. For investors, an interest-only loan is generally seen as a common and often shrewd borrowing strategy. Whereas for owner-occupied loans, making interest-only repayments is sometimes associated with affordability challenges and potential risk for the lender after the interest-only period.

Cost comparison: interest-only versus principal and interest

Feature Interest-only repayments for 5 years Principal and interest repayments
Loan amount $750,000 $750,000
Interest rate 6.50% p.a. 6.50% p.a.
Monthly repayment years 1-5 $4,063 $4,741
Monthly repayment years 5-30 $5,064 $4,741
Total interest paid over life of loan $1,012,966 $956,584
Extra interest paid - $56,382

Assumes the interest rate on each loan does not change for the full loan term and does not factor in loan fees.

The reason the overall interest costs are generally higher with an interest-only loan is pretty simple: you’re being charged interest on a higher loan balance for longer because the balance is not being reduced at all while you’re only paying off the interest. 

With a standard loan, you are gradually chipping away at the amount you borrowed, meaning each time interest is calculated on the loan, it’s based on a slightly lower amount. 

Pros and cons of going interest-only on your home loan

An interest-only loan can be a great fit for borrowers in certain situations, but it won’t make sense for everyone. To summarise what we’ve covered so far, here are the three main pros and cons of an interest only loan.

Pros of an interest-only home loan

  • Reduces you regular repayments during the interest-only period
  • Offers flexibility to use spare cash in other ways
  • You have the flexibility to choose the fixed-term duration

Cons of an interest-only home loan

  • Interest-only home loan rates are usually higher than standard loans
  • You’ll pay more interest overall with an interest-only loan
  • The transition from interest-only to the higher principal and interest repayments can be a challenge

The default option at the end of your interest-only period will be simply to switch on to principal and interest repayments with the same loan. This will mean substantially higher repayments, so you need to be prepared. It’s worth considering gradually increasing your repayments before the loan transitions across, so it’s not as much of a financial shock.

Extend the interest-only term

In some situations, you may have the option to renew or extend the interest-only period on your loan when the initial term ends. Some loans have an overall maximum for how long repayments can be interest only, meaning you could use up part of the interest-only cap initially and then a further period later on if needed.

Refinance the loan

What a lot of borrowers do is switch or restructure their loan when the interest-only term ends. This is often a way of trying to find a lower interest rate to lessen the impact of the increase in repayments felt when the IO period ends. It’s generally a good idea to refinance your loan every few years anyway to make sure you’re still on a competitive rate.

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What happens when my interest-only period ends? 3 options

Roll onto P&I payments
The default option at the end of your interest-only period will be simply to switch on to principal and interest repayments with the same loan. This will mean substantially higher repayments, so you need to be prepared. It’s worth considering gradually increasing your repayments before the loan transitions across, so it’s not as much of a financial shock.
Extend the IO term
In some situations, you may have the option to renew or extend the interest-only period on your loan when the initial term ends. Some loans have an overall maximum for how long repayments can be interest only, meaning you could use up part of the interest-only cap initially and then a further period later on if needed.
Refinance the loan
What a lot of borrowers do is switch or restructure their loan when the interest-only term ends. This is often a way of trying to find a lower interest rate to lessen the impact of the increase in repayments felt when the IO period ends. It’s generally a good idea to refinance your loan every few years anyway to make sure you’re still on a competitive rate.

Frequently asked questions

Can I get a fixed or variable interest-only loan rate?

The rate on your interest-only home loan can be either fixed or variable depending on your preference. It’s common for borrowers to choose a fixed interest-only rate as it offers certainty of repayments in addition to the lower level of repayments during the interest-only period.

How do I get the lowest interest-only home loan rate?

Most lenders offer an interest-only option at least some of their loans, so there’s plenty of choice to allow you to show around to find the lowest rate you can. Consider fixed and variable rates as rates may be lower on either depending where we are in the interest rate cycle.

Lastly, don’t be afraid to consider lesser-known lenders and use a mortgage broker to help you find the lowest rate from a wide range of providers. The lowest interest-only mortgage rate may not be with one of the major banks.

Can I split my loan between interest-only and principal and interest?

Yes, you generally can split your home loan between interest-only and principal and interest repayments if that strategy makes sense for you. For example, some borrowers who do a cash out refinance choose to split the extra funds into a separate interest-only portion of the loan to separate it from their existing loan. 

That way, the borrower can maximise usage of the extra funds in the short term by not needing to repay the principal.

What’s the longest interest-only period I can get?

Generally the absolute longest interest-only period on any home loan in Australia is 15 years for investment loans. A maximum of 10 years is more common for investors. For owner occupiers the maximum is typically five years.

Is it harder to get approved for an interest-only loan?

It’s not necessarily harder to be approved for an interest only home loan, but it’s worth remembering that the lender will assess you based on your ability to afford the loan at the higher level of repayments when the interest-only period ends. Applying for an interest-only loan is not a way to make accessing a loan easier due to the lower initial cost.

Can I renew my interest-only period when it expires?

You may be able to extend the interest-only period on your loan, but only up to the overall maximum allowed on the loan. For example, let’s say an investor takes out a home loan with an initial 5-year interest-only period. At the end of that period, they would have the option to apply for an interest-only extension for up to another five years.

Just remember that the lender will assess whether it will extend your interest-only period, taking into account your current financial situation.

What’s the best interest-only home loan in Australia?

If you’re looking for the best interest-only home loan for your needs, here are the main factors to consider;

  • What’s the interest rate during the interest-only period?
  • What are the fees on the loan?
  • Does the loan come with any features that will save me money?
  • What is the maximum interest-only period on the loan?
  • What interest rate will the loan revert to after the interest-only period ends?

Do all lenders offer interest-only home loans?

Virtually all lenders in Australia offer an interest-only option. However, lenders do not always offer the option of interest-only repayments not all loans. For this reason, the lenders offering the cheapest interest rates in the market overall may not be the cheapest for interest-only, as they may not offer that option on their lowest-rate loans. 

Can I end the interest-only period early?

Yes you will almost certainly be able to end your interest-only period early if you need or want to, but there may be fees for doing this, particularly if you’re on a fixed rate loan. It’s a good idea to understand what fees may apply in this scenario before you apply for the loan.

What are in arrears versus in advance interest-only home loan repayments?

With some interest-only home loans you may have the option to make your repayments in arrears or in advance. In arrears is the standard method, where the lender calculates your interest for the month that has passed and then you pay the bill.

With in-advance payments on an interest-only loan, the lender calculates the interest for a period of time in advance and the borrower pays that off at that time to bring forward the cost. This option is fairly rare and is generally only used by investors – for example, to bring forward tax-deductible costs so they arise in the current financial year.

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