Start to Accumulate Wealth
For many Australians, homeownership is one of the ultimate goals. However, depending on the structure of your home loan, it can be challenging for you to start to accumulate wealth over the years. Your home loan structure can affect the amount of tax you pay on your mortgage and your income, which is why the brokers at Mortgage House are committed to helping you maximize your mortgages. We offer a variety of tax-efficient lending solutions, allowing you to save money on your taxes while accumulating wealth.
How Mortgage House Can Help You Start to Accumulate Wealth
When you apply for one of our home loans, we will sit down with you to discuss your current financial situation as well as your future financial goals. Once we get a clear understanding of your circumstances, we will compare our home loan options and help you choose the perfect loan and tax-efficient option for you.
Two of our most common options to help our client build their wealth are:
- Offset Accounts
- Interest-Only Mortgages
An offset account helps you build your wealth by offsetting the outstanding amount left on your home loan, saving you thousands of dollars in interest. If you have a home loan with a balance of $400,000 with an offset account balance of $100,000, you will only be charged interest on the difference of $300,000, which gives you extra money to save to build wealth.
An interest-only mortgage allows you to only pay the interest on your loan for a set amount of time. During this period, you can save the extra not put towards your principal, allowing you to accumulate wealth.
If you want to learn more about ways to accumulate your wealth when owning a home, contact the brokers at Mortgage House.