Offset Loans

A 100% offset account is a savings account that is linked to your mortgage.

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The amount in this offset savings account is set against the mortgage balance. Interest is calculated and charged on the reduced balance, meaning the interest payable is reduced.

Example

You have a $200K mortgage and $20K in the offset account. The balance upon which interest is now calculated is $180K. The calculated Interest payable on $180K is less than that on $200K. Therefore less of your repayment is paid on interest and more is paid off the principal. The end result is that you can pay off your mortgage sooner.

An offset account can be combined with a credit or debit card facility to achieve even greater savings. To find out more, enquire now.