Home Offset mortgages
#1
Just Joined
Thread Starter
Joined: May 2008
Location: BRISBANE
Posts: 8
Home Offset mortgages
Hi Guys
Can anyone recommend the best offer out there on Offset mortgages.
We are with members equity bank on 9.19% rate .
ANZ has nice discount on Professional and Breakfree ac.
Any other bank worth to consider ?
Greg
Can anyone recommend the best offer out there on Offset mortgages.
We are with members equity bank on 9.19% rate .
ANZ has nice discount on Professional and Breakfree ac.
Any other bank worth to consider ?
Greg
#2
Account Open
Joined: Jan 2005
Location: Brisbane
Posts: 4,298
Re: Home Offset mortgages
When your pay comes in, you can pay it all into your homeloan. You can use your credit card for day to day transactions, paying off the balance each month with a redraw from the homeloan. Doing it this way is effectively the same as an offset account (but with a few manual transactions along the way).
This way, you are not restricting your choice of loans to "only those with an offset".
yourmortgage.com.au provides a good comparison of the current Aus homeloan offerings....look for ones with small or zero set up fees, no ongoing costs, and unlimited free redraws.....
cheers
#3
Re: Home Offset mortgages
8.94% with CBA, though there is a $300 annual fee which is largely offset by free banking.
#6
Just Joined
Thread Starter
Joined: May 2008
Location: BRISBANE
Posts: 8
Re: Home Offset mortgages
Thanks for all info Guys !
I start thinking that maybe line of credit would be better for us .
Is this good loan for someone who purchased block of land and want to build a house on it ?
One more time thank you !
I start thinking that maybe line of credit would be better for us .
Is this good loan for someone who purchased block of land and want to build a house on it ?
One more time thank you !
#7
Just Joined
Thread Starter
Joined: May 2008
Location: BRISBANE
Posts: 8
Re: Home Offset mortgages
Hi greg, If I were you I wouldn't restrict my choice to an offset account. Just make sure that your account has unlimited free redraws.
When your pay comes in, you can pay it all into your homeloan. You can use your credit card for day to day transactions, paying off the balance each month with a redraw from the homeloan. Doing it this way is effectively the same as an offset account (but with a few manual transactions along the way).
This way, you are not restricting your choice of loans to "only those with an offset".
yourmortgage.com.au provides a good comparison of the current Aus homeloan offerings....look for ones with small or zero set up fees, no ongoing costs, and unlimited free redraws.....
cheers
When your pay comes in, you can pay it all into your homeloan. You can use your credit card for day to day transactions, paying off the balance each month with a redraw from the homeloan. Doing it this way is effectively the same as an offset account (but with a few manual transactions along the way).
This way, you are not restricting your choice of loans to "only those with an offset".
yourmortgage.com.au provides a good comparison of the current Aus homeloan offerings....look for ones with small or zero set up fees, no ongoing costs, and unlimited free redraws.....
cheers
Is this line of credit account ?
Would you reccomend any bank ?
I have found Pacific Mortrage Group on yourmortgage.com.au ,to be very good ,would you know much about them ?
Greg
#8
Re: Home Offset mortgages
Check the comparision rate.
Check the exit fees. I see all to often people think they are getting a 'cheap' mortgage only to be stung like crazy later down the line.