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100% Offset Account
This loan is similar to an All In One Account however the money is paid into an account which
is linked to the loan – this account is called an Offset Account. Income is deposited into the
Offset Account and you use the Offset Account for all your EFTPOS, cheque, internet
banking and credit transactions. Whatever is in the Offset Account then comes directly off the
loan, or ‘offsets’ the loan amount for interest. Effectively you are not earning interest on your
savings, but are benefiting as what would be interest on savings is calculated on a reduction
on your loan.
The advantages are similar to the All In One Account. These loans normally
have a higher interest rate and higher fees due to their flexibility.
These loans are suited to people on medium to high income earners, and to disciplined
spenders as the more money kept in the offset account the faster you pay-off your loan.
Partial offset account and an interest offset account are also available.
Interested in a Offset Account Loan? Click Here |
