How to Save $80k on your Home Loan 💸🏠

financial knowledge home buyer homeownership money tips May 01, 2024

This blog post is brought to you by Ubank

How? Use an Offset Account with ubank! 🔑

🤔 But what’s an Offset Account?

It's a special bank account linked directly to your mortgage. Your account balance is subtracted from your loan balance, so you pay interest on the reduced amount! 💡

Meet Julia and Jess, both have a $500,000 home loan at a 6.11%pa rate for 25 years. 🏦

👩‍💼 Julia uses an offset account for her $25,000 savings. 👩 Jess sticks with a regular bank account.

✨ Result? ✨

Julia saves $80,780 in interest and slashes 2 years off her loan term! 🎉

📉 With $25,000 in an offset, you only pay interest on $475,000, not the full $500,000! 📉

🚀 Bonus: ubank allows you to have multiple offsets—up to 10! Manage your money smartly and maximise your mortgage offset! 🚀

💡 Think about it! Could this be the key to paying off your home sooner and saving a fortune in the process? 🗝️💰

This information including the rate, amount of interest repayments saved, life of loan term reduced and offset account use is indicative and for educational purposes only. Forecasted savings are not guaranteed. Projected savings do not account for changes in offset balance, additional repayments, fees, rate changes or changes to financial circumstances. Products issued by ubank, part of NAB. Credit criteria apply. TMDs at ubank.com.au/tmd

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