Can I Have a 100% Offset Account Against a Fixed-Rate Home Loan with Mortgage House?
Whether you are a new or returning customer, you may want to know if you can have a 100% offset account against a fixed-rate home loan with Mortgage House. In short, yes, you can have a 100% offset account with a fixed-rate home loan up to $20,000 per annum over and above regularly scheduled repayments.
These types of loans can allow you to successfully lock in your mortgage repayments while also receiving the interest-saving benefits of a 100% offset account. An offset account can be described as a transaction account that is linked to your existing home loan, which can be used to offset the amount you owe on your existing mortgage agreement. Fixed-rate home loans are a type of home loan that allow you to have set interest rates on your repayments that remain the same over a set period of time that is determined by your home loan lender.
How Do Fixed-Rate Home Loans Work?
As we mentioned previously, fixed-rate home loans are a type of home loan that allows you to have set interest rates on your mortgage repayments that will remain the same over a set period of time. Mortgage House fixed-rate home loans have set periods of one, two, or three years.
Mortgage House fixed-rate home loans with 100% offset can allow you to save money on the amount of interest you are paying, because your offset account balance will be subtracted from your loans principal amount. This allows you to only pay interest on the difference, resulting in the money you would normally pay on interest being put towards your principal loan amount, which allows you to finish paying off your existing mortgage sooner.