With TotalMoney, you can offset the balance of
your cheque and savings accounts against your floating home loan, which
could drop your effective interest rate and take years off your home
loan.
The lowdown on TotalMoney
The more money you have in your TotalMoney cheque
and savings accounts, the lower your effective interest rate can
drop.
Even a small amount in your cheque and savings
accounts can drop your effective interest rate.
For example, $5000 in your cheque and savings
accounts offset against a $150,000 floating home loan can drop your
effective interest rate from 5.84%p.a. to 5.65%p.a.
It's important to understand your repayments will stay the same, but
by lowering your effective interest rate, you are paying more of the
principal off your loan. This could save you thousands of dollars in
interest, which could then take years off your home loan.
TotalMoney gives you the flexibility to increase or decrease the amount
you offset to suit your lifestyle.
Not everyone wants to have all of their home
loan as a variable loan though, so remember you can 'mix and match'
by having a portion of your loan on a fixed rate, as well as a portion
on a TotalMoney floating home loan. This can really help with budgeting
as you'll have a better idea of your repayments, since your fixed
portion won't be affected when variable interest rates change.
TotalMoney is more than just a regular floating
home loan, so to check out some of the other
great benefits. |
