Using an offset account to pay off your mortgage faster is a great savings strategy
A great way to save interest is by using the balance from a savings and transaction account to offset against the remaining balance of your loan. This feature is available on our Suncorp Standard Variable home loan only.
The interest payable on your linked home loan is calculated on the balance owing, less the balance of your Everyday Options account and any linked Sub-accounts (excluding any “flexiRates” you have). So you’ll pay less interest on your loan when you have money in your Everyday Options Account in offset mode.
To put it simply, the larger the balance you hold in your Everyday Options account and Sub-accounts, the less interest you’ll end up paying on your home loan.
There are a number of ways you can save on your mortgage repayments, including making extra repayments, using an offset account or making a lump sum payment.
Deposit Products are issued by Suncorp-Metway Ltd (“Suncorp Bank”) ABN 66 010 831 722 AFSL No 229882. Please read the relevant Product Information Document for Suncorp Bank Personal Deposit Accounts and the Terms and Conditions for Suncorp Accounts before making any decision regarding this product.
Home Loans are issued by Suncorp-Metway Ltd ABN 66 010 831 722 No 229882 Australian Credit Licence 229882 (“Suncorp Bank”) to approved applicants only. Fees, charges, terms and conditions apply and are available upon request. This advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it. For that reason, before acting on the advice, you should consider the appropriateness of the advice having regard to your own objectives, financial situation and needs. Where the advice relates to the acquisition, or possible acquisition, of a particular financial product, you should consider the Product Disclosure Statement before making any decision regarding the product. Contact us 13 11 55 for a copy.