News Article

30 January 2009

Do you have a Mortgage Offset Account?

With interest rates on savings accounts falling and bank fees and charges increasing, now is the time to consider consolidating your bank accounts and at the same time taking advantage of our 100% Loan Offset Facility.

By putting all of your spare cash into your S1 Savings account and allowing us to offset this against your mortgage loan you will be reducing the interest charges on your loan.

For example, if you loan balance is $200,000 and your savings account balance is $20,000 then the interest on your loan will be calculated on $180,000. At a loan interest rate of 7.25% this is an interest saving of $121 per month and over the life of the loan this could amount to a significant saving of interest and a reduction in the loan term.

In addition you will be paying taxation on the interest saved and your money is still always available to you, at call.

Combining the offset facility with the Visa Debit Card attached to the S1 savings account where all transactions using the “credit” option are free of charge will provide you with a premium banking option.

We strongly recommend that you consider this option. The benefits are all yours.

Click here for more information on our Mortgage Offset Account. Or you can contact our loans department directly on (07) 3114 5099 or email on contact@qldprofcu.com.au and a member of our loans department will respond to your query as soon as possible.

Mortgage Offset Information Pack (PDF)