Mortgage Advice

Mortgage Advice

How to Save Money and Pay off a Mortgage

Recently we received some great information and advice on ways you can save money and still be paying off a mortgage.

Karli Fahey is a personal mortgage advisor from Smartline Personal Mortgage Advisors and had this to say about Mortgage Offset Accounts:

Karli Fahey – Personal Mortgage Adviser

“A mortgage offset account is a savings or transactional account, held with your lender, that offsets (or deducts) interest that would otherwise be earned on the daily balance against the interest payable on your mortgage.

In other words, instead of earning interest on your account balance, you pay less interest on your loan.

The key benefits of a mortgage offset account include:

  • Reducing the amount of interest paid over the life of your loan.
  • The money deposited in the account can be withdrawn at any time.
  • You can make regular payments, such as salary or wages, or lump sum payments into the account to further reduce the interest you pay.
  • In time, an offset account can help build a financial buffer that can be used if you are unable to make repayments for a short time.
  • And, there may be some tax benefits as well – although your financial advisor or accountant should advise you on these.

You’ll find a handy, new online calculator on the Smartline website to help you estimate how much time and interest you could save on your home loan by using an offset facility. Click here for the calculator.”

If you would like to have a one on one chat with Karli just call, text or email me to arrange a time:

Bryan Canavan – New Homes Sales Consultant

Mobile: 0477 600 088
Landline: 07 5540 3949
Email: [email protected]