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Offset Loans

Have You Heard About Offset Loans?

Offset loans offer a great way for lenders to reward you for being a lower risk customer. With an offset loan, theinterest on your mortgage is reduced by the funds maintained within a savings account you open with the lender. The more money you have in your savings account, the less interest you pay on your mortgage. This strategy is a great way to repay your mortgage faster and for less money—allowing you to add even more to your savings!

Did you know?

With an offset loan, you can:

  • Use your income more effectively by paying less interest over the life of the loan.
  • Gain almost as much flexibility as you would with a line of credit.
  • Enjoy a lower interest rate than a line of credit provides.

Do you earn large commissions or have an irregular income?

Offset mortgages are especially suited to individuals who have volatile incomes, such as the self-employed, those who work on commission and those who are paid large bonuses. People with significant balances in their savings may also find offset mortgages useful, but remember that the balance needs to be maintained in order to remain effective through the length of the loan.

Before you accept a loan offer, make sure it’s a true offset loan and not one that pays a lower rate of interest than your mortgage.

Contact us now to find out more!