100 percent offset
100 percent offset is a separate savings account run in parallel with your home loan.
No interest is paid on this account however the balance offsets the balance in the home loan resulting in a lower interest charge.
Your repayment will remain the same however. You will pay more toward the principle and reduce your loan faster using this method.
Offset accounts can be very useful for homeowners who may choose to upgrade their residence at a later date and retain the property as a rental property. |
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