14 Nov 2021
How Much Does it Cost to Switch Mortgage Providers?
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Offset accounts and fixed-rate home loans are two of the most popular loan features and options. At Mortgage House, you can get the best of both worlds by having a 100% offset account with a fixed-rate home loan to $20,000.00 per annum. These loans let you lock in your mortgage repayments, while also allowing you to receive the interest-saving benefits of a 100% offset account.
Fixed-rate home loans allow you to lock in your interest rate for a set time period, usually between one and five years. At Mortgage House, we offer fixed rate loans for a period of one, two, or three years. Our fixed-rate loans with a 100% offset account lets you save money on the amount of interest you pay. Your offset account balance will be subtracted from the balance on your principal loan amount. You will only pay interset on the difference. The money you would normally pay on interest is paid towards your principal loan amount instead, allowing you to finish paying off your mortgage sooner than you would otherwise.Â
As with every home loan, having a fixed-rate home loan and a 100% offset account has benefits and disadvantages. The benefits include:
The disadvantages include:
If you would like to learn more about our fixed-rate home loans and 100% offset accounts, call our lending specialists today.