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Crown will find YOU the Home Loan that will save you the most amount of TIME and MONEY in 4 Very Simple Steps...
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Suncorp: Make Your Money Work For You
Suncorp Metway
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Are you sick of sitting in bumper-to-bumper traffic on your way in to work every morning? Apart from changing jobs, moving offices or chartering a helicopter, there is not a lot that can be done about your daily commute, but there is a simple and effective way you can get your money working for you, instead of working so hard for your money.
When it comes to your home loan, find out how an offset account such as the 100% Offset available from Suncorp could work for you.
Suncorp's offset account works by linking your standard variable rate home loan to your Everyday Options account. With your transaction account, you can choose to have just one Hub account, or up to three Sub-accounts. The balance of all of your Everyday Options Hub and Sub-accounts offsets the interest on your home loan.
Say you have a Suncorp Home Loan of $200,000. You also have $8,000 in your Suncorp Everyday Options Hub account, and $1,000 in each of your two sub-accounts. This total of $10,00 in your Everyday Options accounts is deducted from your home loan balance before interest is calculated. So in this case, you would be charged interest on $190,000 instead of the full $200,000.
An offset account such as the option offered by Suncorp can lead to savings of tens of thousands of dollars. As you pay less interest, your home loan repayments can go towards reducing the principal of your debt sooner, which means you could knock years from the term of your home loan.
Suncorp calculate interest daily, but it is charged monthly, so every dollar that you have in your offset accounts works to reduce the amount of interest you are charged.
Offset accounts such as the Suncorp 100% Offset can also have tax advantages. Instead of earning interest on your transaction account balances, and being charged tax on this, you reduce the amount of interest you pay on your home loan.
An offset account is one of the simplest ways you can use your money to work for you to clear your home loan debt. For more information on how an offset account could benefit your financial situation, speak to your financial broker.
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