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Australian First Finance

100% off set Home Loan

Loan Inquiry
Dream Water front Homes with  Australian First Finance
The term ‘offset loan’ applies to a home loan with an offset facility. When you take out an offset loan, you will open both a home loan and an everyday transaction account with the same lender. The money that you have in the transaction account on any given day is calculated as an offset to your home loan. Effectively, it is as if you have used everything in your savings account to pay off your home loan, yet you have access to your money instantaneously, through all the regular withdrawal channels.
 What to consider:
  • Offset accounts generally run at a higher interest than non-offset accounts.
  • Do you keep a substantial balance in your transaction account week to week – enough to make a difference to your interest payments?
  • Will you be keeping the offset loan for long enough to make a saving on it, or do you plan to re-mortgage later on?
  • If you are in a low-risk, high-income borrower category, you may be able to get an offset account at a reduced price.
Pros:
  • If you keep a substantial balance in your transaction account you pay your loan off faster
  • The advantages of a redraw facility, but with easier access to the money
Cons:
  • Higher interest and higher initial fees
  • Savings are greater over a longer period of time
  • There are often additional terms and conditions set by lenders

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Australian First Finance is a Corporate Credit Representative (CR No. 396887) of BLSSA Pty Ltd (Australian Credit Licence No. 391237)
Australian First Finance is a member of Australian Financial Complaints Authority  (AFCA) – Member Number 63696 and Australian First Finance is a member of Mortgage and Finance Association of Australasia (MFAA) – Member Number 3166
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