A 100% offset loan is very similar to an all-in-one loan. Rather than putting all your salary and other income into your loan, it goes into an offset account that is directly linked to your home loan. Any balance in the offset account is 100% ‘offset’ against your home loan. This reduces the amount of interest you have to repay, making your money work harder for you.
Offset Loan
Advantages & Disadvantages
Advantages
- Can save you a substantial amount of interest if used correctly.
- Operates like a normal transaction account and has a chequebook, ATM card, etc. attached.
- Sound strategy to set up for future investment purposes
- Allows you to pay more principal and less interest on your home loan to expedite repayment.
Disadvantages
- May have higher monthly fees attached to the account.
- May require a minimum balance in the account
Next steps
- Contact us to discuss your initial thoughts and requirements.
- Complete our finance application form covering the purpose for seeking credit and the amounts of credit sought
- We will then contact you to arrange an initial consultation, to agree the basic information required and the process for completing such
- Once that has been compiled we will review it and then provide a written strategy for you to consider.
- If you’d like to proceed, we will then work with you on a formal loan application process.
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