100% Offset Loan Account

An offset account is a transaction account which reduces the interest payable on your home loan by the amount held in your account.

A reduction in interest can also shorten your loan term, as you’ll be able to pay your loan off sooner.

For example, a 100% offset account with $50,000 in it, on a home loan of $300,000, would see interest-only calculated on a balance of $250,000. On a home loan of 5.50% over 30 years, this could amount to a saving of $90,000 in interest, with seven years cut from your home loan.

Advantages of an Offset Account?

  • The major advantage of an offset account is that it enables you to save money by taking a lower interest rate on your home loan if used correctly.
  • Just like a saving or cheque account, an offset account also operates as a normal transaction account that has a chequebook, ATM card, etc. attached.

Disadvantages of an Offset Account?

  • Because an offset account radically reduce how much you owe by cutting the time it takes to pay off a home-loan it may have a higher monthly fees attached to the account.
  • Also, for security purposes , a typical offset account may require a minimum balance in the account
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