Want to Pay Less Interest on Your Mortgage? Let’s Do the Math
An offset account is a smart way to cut down on home loan interest and pay off your mortgage faster. But exactly how much can you save? That’s where our home loan offset calculator comes in.
Enter your loan details, offset balance, and interest rate, and see in real time how an offset mortgage account reduces the interest you pay and shortens your loan term.
How an Offset Account Impacts Your Loan Repayments
Every dollar sitting in your offset account reduces the portion of your mortgage that accrues interest. That means:
- Lower interest costs - You only pay interest on the remaining loan balance.
- Faster loan repayment - Less interest means more of your repayment goes toward the principal.
- More Financial Flexibility - Access your savings anytime while still cutting down your loan costs.
By using our above mortgage offset calculator, you can find out exactly how much interest you could save over time.
What Affects Your Offset Savings?
The amount you save depends on key factors, including:
- Loan balance - The bigger your home loan, the more impact an offset account can have.
- Offset account balance - The more savings in your account, the less interest you’ll pay.
- Interest rate - A higher interest rate means bigger savings with an offset.
- Loan term - The longer your mortgage, the more you stand to save over time.
What's Next?
Now that you have an estimate, what’s your next move? Whether you’re looking to switch to a loan with an offset account or want to optimize your savings, we can help you.
If you prefer to chat, you can write to us at [email protected] or call us on 08 6285 8120.
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