What Is A Suncorp Home Loan Offset Account?
What is a Suncorp Home Loan Offset Account?
A Suncorp Home Loan Offset Account is an account linked to your home loan which allows you to save money in an interest-bearing account. This account works like a regular savings account, except the funds in the account are offset against your home loan balance. This means that you only pay interest on the remaining balance of your loan.
How Does a Suncorp Home Loan Offset Account Work?
When you open a Suncorp Home Loan Offset Account, your funds are placed into an interest-bearing account. This account is linked to your home loan, so any funds in the account are offset against the balance of your loan. This means that you only pay interest on the remaining balance of your loan, rather than the entire loan amount.
For example, if you have a loan with a balance of $200,000 and you have $20,000 in your offset account, you will only pay interest on the remaining $180,000. This can result in significant savings over the life of your loan.
Benefits of a Suncorp Home Loan Offset Account
A Suncorp Home Loan Offset Account offers several benefits, including:
- Savings on your interest payments.
- The ability to access your funds if needed.
- The potential to pay off your loan faster.
How to Open a Suncorp Home Loan Offset Account
Opening a Suncorp Home Loan Offset Account is easy. Simply visit your nearest Suncorp branch or call their customer service team. They will be able to provide you with more information, as well as help you open your account.
Conclusion
A Suncorp Home Loan Offset Account is a great way to save money on your home loan. By reducing your interest payments, you can pay off your loan faster and save money in the long run. So, why not look into opening a Suncorp Home Loan Offset Account today?
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