We all know Offset Accounts help you to pay-off your Home Loan sooner.
You can use an Offset Account like any everyday bank or savings account. And any money you have is Offset against your Home Loan balance, which reduces the interest you pay.
How do Offset Accounts work?
Interest on your loan is calculated daily, so the more you have sitting in your Offset Account on any given day, the less interest you’ll be charged.
Offset Accounts linked to Variable Rate Loan
Most Offset Accounts are attached to your Variable Rate Home Loan.
Unfortunately, most Variable Rate Home Loans usually have higher interest rates than Fixed Rate Home Loan.
Fixed Rate Home Loan with Offset Account
But now you can have a Fixed Rate Home Loan with Offset Account.
Like all Offset Accounts, you can pay-down your Home Loan faster during the Fixed Rate period.
Plus, you have the security of a Fixed Rate Home Loan to protect you against any potential interest rate increases in the next few years.
And you don’t need a Variable Rate Home Loan at a higher interest rate.
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