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Can A Home Loan have Multiple Offset Accounts?
This is a question I get asked frequently, can I have more than one offset account with my home loan?
The answer is yes, some banks do offer the facility to have multiple offset accounts linked to a variable rate home loan. Not all banks and lenders offer a variable rate home loan with ability to have multiple offset accounts, but there are some banks that do.
With the ability to have multiple offset accounts, if you are a person that likes to keep there savings separated, it does give you the ability to have different offset accounts, for any purpose you may like, for example, a holiday account, bill account, anything you would like. All the offset accounts will offset against a variable rate home loan, saving you interest charged with your home loan.
The fees for multiple offset accounts vary between the banks. Some banks have an annual fee, of between $248 and $395, which allows you to have up to nine offset accounts. There are some banks which may charge $10 a month for each offset account.
I have written an article here – Offset Account home loans.
If you would like more information about an offset account, please have no hesitation contacting Perth Mortgage Broker Group, or call Troy on 0411 229 602 anytime.
