100% OFFSET FEATURE – PAY LESS INTEREST ON YOUR HOME LOAN.
July 26, 2017
Yep we said -100% offset bank account- PAY LESS INTEREST ON YOUR HOME LOAN.
Ok, last week we gave you some awesome tips on how to reduce your home loan by simply splitting your monthly mortgage repayment in half and pay it fortnightly instead……. if you missed it check it here!
Well here we are again, providing you with the goods, another tip to help you get ahead.
Do you know that cash sitting in your bank account can be lazy money?
That’s right, any money sitting in a bank account … like for instance your pay, savings etc, that’s not linked to your mortgage as a 100% offset bank account is lazy money, yep LAZY money ……..you need to put that cash to work!
So, if your spare cash sits in a 100% offset bank account which is linked to your home loan, then it is like that cash is actually in your mortgage, saving you money on interest every. damn. day.
As an example, if your mortgage was $100 000 ( I wish ) and you have $5 000 in your 100% offset bank account, then you pay interest on $95 000 instead of $100,000.
Any money sitting in the 100% offset bank account is completely accessible to you, so you can draw some or all of it out at any time.
We reckon you should have the 100% offset bank account and fee free redraw. So if you build up a tidy nest egg in the 100% offset bank account, flick some of the money into the actual home loan. Whether your spare cash is in the home loan or in the 100% offset bank account, same same.
Speak to your Better Choice Mortgage Broker to see if the 100% offset bank account would suit you and get that bone lazy spare cash working for you.
Call 1300 805 221 or click here to email us and we will get back to you!
Tags: 100% offset bank account, bank account, Mortgage loan, offset bank account, reduce your mortgage
Better Choice Mortgage Services is not responsible for, and expressly disclaims all liability for, damages of any kind arising out of use, reference to, or reliance on any information contained within this website. While the information contained within this website is periodically updated, no guarantee is given that the information provided in this website is correct, complete, and up-to-date. Although the Better Choice Mortgage Services website may include links providing direct access to other internet resources, including websites, Better Choice Mortgage Services is not responsible for the accuracy or content of information contained in these websites. Links from Better Choice Mortgage Services to third-party sites do not constitute an endorsement by Better Choice Mortgage Services of the parties or their products and services. The appearance on the website of advertisements and product or service information does not constitute an endorsement by Better Choice Mortgage Services, and Better Choice Mortgage Services has not investigated the claims made by any advertiser. Product information is based solely on material received from suppliers. Advanced Finance (Pty) Ltd t/a Better Choice Mortgage Services are not financial planners or accountants and we would encourage our clients to seek professional advice before acting on any a financial or taxation information in this news post.