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An interest offset account is linked between a transaction account and a home loan and reduces the interest charged on the home loan. A complete interest offset account means the home loan interest is only charged on the net balance (Home loan balance minus the transaction account balance). Principal and interest repayment amount remains the same but less if allocated to interest, meaning more principal is being paid off.
Equity is calculated by finding out the property’s value less the balance of the current loan secured by the property.

Equity can be accessed for several reasons, like purchasing additional property, investing in shares, traveling, or buying something personal like a car or boat.

Borrowing the additional funds to access equity depends on several factors such as your living expenses, income, how much you owe, and repayment history. LMI may be required depending on the amount to want to borrow.