An Offset account is a great way to reduce your monthly mortgage repayments.
Right now we have a great product with the lowest rate we have seen in a long time – 3.74% p.a.
You can get this great rate with a 100% Offset Account and cash out to 80% of our property value.
“PUT IT ON THE HOUSE!”
Well yes you can do that but I am also advocating put it ‘next’ to the house…
What does that mean?
With a 100% offset account, you can consolidate your debts, borrow for a business, or buy an investment property
What exactly is an OFFSET account?
An offset account is an account you use to draw down CASH from your mortgage.
Lets assume you have a $650,000 home loan/ investment and you have $50,000 in your offset account.
This means you will be paying interest on $600,000 at 3.74% instead of the $600,000.
It is a great tool for business owners who put all their business income, PAYG, tax savings inter alia, into their offset account.
Home owners can put their pay, bonuses or gifts in this account.
When you need the money- you simply ‘drawdown’ from your offset account. The more you have in this account, the smaller your loan repayment. An offset account is LINKED to your HOME LOAN.
Using the scenario above, if you your rate on your home loan is 3.74% on a $650,000 loan you will pay $2025 per month.
If you have added $50,000 to your offset account, you will pay $1870 per month
Using this scenario, you can be saving yourself $1860 per year- in a time when every dollar counts- why not? Using an offset account will also keep you on top of your loan and perhaps even sway overspending.
It just makes sense to have an offset account, dont you think?
If you have answered YES, then give us a call today and we will show you how…
Until next time,