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Home Bulletins Offset and save
Offset and save
Home buyers are always looking for ways to make the most of their money and reduce the term of their mortgage. offset loans can be a good answer.
How does it work?
An offset account works alongside your mortgage facility as a separate deposit account out of which daily banking and transactions occur. The offset account is linked to your mortgage so that any funds in it work to offset the principal on your loan. Effectively, this means that the balance in your offset account is netted off against the balance of your linked loan, and the loan is charged less interest. By maintaining your normal repayments, you will save interest and pay off your loan sooner.
Offset your interest
Most accounts now offer 100% offset, unlike the partial offset accounts that were first introduced to the market. When choosing an offset account, ensure that it’s 100% offset, which means the money in your account will offset your mortgage at the same variable interest rate you pay, effectively negating interest on the same amount of your loan1.
A simple example is a $100,000 mortgage with an associated 100% offset account of $10,000.2
The principal on a $100,000 loan is reduced by the $10,000 offset account to $90,000.
As a result interest only accumulates on the $90,000 balance of the loan.
Repayments continue to be made on the entire $100,000 principal and applicable interest.
While savings in the offset account are actively working to reduce the loan, repayments are working more effectively to reduce both the principal and interest it attracts.
Over a number of years, your loan is paid off faster, and you save interest.
What to watch out for
Although the potential long-term savings are considerable when using an offset facility, homebuyers should read the fine print. Offset loans come in a variety of shapes and sizes: some are separate accounts that work next to your homeloan to offset the principal. Others are all-in-one accounts, which can be fully transactional, offering chequebooks and credit cards and act more like an overdraught facility.
Be cautious of these all-in-one transactional accounts as they sometimes have higher interest rates and fees. There are benefits, but if you’re not likely to have a lot of cash in the offset account once your repayments are made, your savings may be limited. Make sure you do the sums and ensure you are getting good value in your mortgage.
1 www.aaamortgagesolutions.com.au/offset.htm
2 www.anz.com , Home Essentials Newsletter, Edition 13 |
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日暮乡关（上部完，一楼二楼设电梯直达，4楼小标题！25楼形象代言！2845楼另类形象代言！) (2012-3-26) 明河素月 
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彭氏虾饺即将出炉,争创精华帖 (2005-9-22) susan 
发表于 2012-4-29 14:37
