The world of mortgage finance is complex, and it’s getting more complex as time passes, and new lending products come to the market.
Simple Loan? Offset Account? Line of Credit? Construction Loan? Variable or Fixed? Refinance? Deposit Bonds? Family Guarantee? Shared Equity Loan? Reverse Mortgage? First Home Buyer’s Grant? National Rental Affordability Scheme? Lender’s Mortgage Insurance? Stamp Duty? Valuations?
The range of loans, features and related topics can be bewildering!
That’s where Oyster Financial comes in. As experienced finance brokers, we are able to help you navigate the maze of loan products, loan features and associated laws and incentive programs to deliver you the very best loan product to suit your needs.
Some people out there are talking about mortgage saver accounts. Have you ever asked yourself what are they talking about? Another term for a mortgage saver account is an offset account, and here is how they work. Imagine you have a mortgage loan of $500,000 but that your mortgage product comes with an offset (transaction) account and in that account you have $100,000 savings. A mortgage product with an offset account will use the funds in the attached savings account to directly offset that account balance against the amount owed on the mortgage loan. This means that in the example here, you will only be charged interest on $400,000, rather than $500,000.
Even if you only have a few thousand dollars in your offset account, interest savings that you can make over the term of a 30 year loan can reach into the tens of thousands of dollars. Having an offset account attached to your mortgage loan can bring serious financial savings on interest costs over the full life of the loan.
If your mortgage loan does not have an offset account attached to it, it could be costing you big money! You should contact us to find out about the great products we can offer to save you a bucket load of interest over the life of your loan.
Why not let us help you navigate the mortgage maze? Contact us for an obligation free discussion about your borrowing needs.
Let us help you find the best mortgage! Just Give us a Call : 1300 740 485