Before looking for the cheap offset mortgage, know what you want to get out of the loan, for it’s whole term, not just month one. Do you want to make the most out of your savings? Do you plan to save more? Do you want to pay off your mortgage early? Will there be some big investments or big expenditures on the horizon? A cheap offset mortgage might be great for cheaper repayments, but it might not fit all your criteria.
When it comes to searching for an offset deal, there is nothing wrong with being a little cynical. There are thousands of products out there and hundreds of lenders – not all of them are out to find you the best, cheap offset mortgage. Take a second look at the mortgages, ask as many questions as possible, and remember – if the cheap offset mortgage is unbelievable, then don’t believe it.
Ask the experts
A commercial gold coast mortgage broker is the single best person to ask about offset mortgages. They are qualified experts who know the industry inside out, and they will be the first to tell you that a cheap offset mortgage is only a good mortgage if it does what you want it to with your money. A cheap offset mortgage that doesn’t make your money work during the month isn’t the best deal; and a cheap offset mortgage littered with extra charges, fees and penalties certainly isn’t the best deal. A mortgage broker Darwin will have read the small print on every offset mortgage and will know when you are walking into a trap.
Even if you find a cheap offset mortgage that seems great, still look around. The offset market is vast – there are so many deals out there you will always find a mortgage that offers a little more, or adds a little here and there. Listen to your adviser, do your homework and try to find out all there is about offset mortgages before running off with the first cheap offset mortgage that comes along.
Offset mortgages are all about using your money to work with your mortgage, cutting down your payments each month. It is also a great vehicle to avoid tax, save more money and pay off a little more of your loan that bit easier. A cheap offset mortgage, or a deal with the lowest headline rate, may not allow you to do any of those things. A cheap offset mortgage might be great to begin with, but if you don’t shop around, talk to your adviser and do your homework, you could lose out as your mortgage term continues.