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
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