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Offset Accounts
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100% Offset Accounts are also available as Variable Offset, 1 Year Fixed Offset, 2 Year Fixed Offset, 3 Year Fixed Offset, 4 Year Fixed Offset & 5 Year Fixed Offset
An Offset Loan Account is where the Home Loan has a Savings Account as part of the loan or where the Home Loan is directly linked with a separate savings account with the same lender. The advantage of this type of account is that the money you have in your savings account is directly offset against the balance of your home loan. Instead of receiving interest rewards on your savings, the home loan interest is only charged on the balance of your home loan minus your savings. The net result in affect is that you receive the same interest rate on your savings as the interest rate you are charged on you home loan...Win, Win situation.
You can never be locked into any loan by any lender!
(This means that irrespective of being in a fixed rate loan or a variable rate loan, you can leave that lender by paying their indicated break fee. It is often the case that break fees are less than the benefits received by switching to a better loan product.)
*WARNING: The comparison rate is calculated on a loan of $250,000 over 25 years. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. A full copy of the comparison rate schedule is available upon request. All loans are subject to the lenders normal terms and conditions. Loan qualification criteria apply.
The
Australian Home Loan Industry boasts in excess of 3,000 loan products,
options and variations. Mortgage Buddy as a true Mortgage &
Finance Broker can assist you with the majority of these various
home loan options.
Financial Assistance Through Life!
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