Elk Money offers its 2.94% Fixed Rate Home Loan with a 100% Loan Offset Account
Are you a homeowner or looking to buy a property? Get a really low interest rate and cut your interest repayments with an offset account.
Save both ways and keep more of your money!
Reduce Principal
The greater the interest savings generated by your offset account, the lower the interest component of the repayments. This means more of your repayments goes to paying off the principal component of the loan.
Reduce Loan Term
A greater portion of the principal component of the loan is being paid and as a result of this the entirety of the loan term is reduced.
Draw Down Flexibility
Savings in your offset account is 100% transactional so at the end of the month after the repayments are calculated you can pay off any bills & expenses.
Lower Interest Rates
Elk Money sources the lowest interest rates to save you more money!
Talk to elk and get this great loan offer
[ninja_form id=1]
Here’s how a loan offset account works…
Edward has a $500,000 loan and his salary gets paid into his offset account which currently has $100,000 in savings. For interest calculation purposes Edward’s offset account savings is deducted from the loan balance and, as a result, the interest portion of the loan repayment for that month is reduced by 20%.
Don’t have cash to park in an offset account?
That’s OK; as interest on loans is calculated daily and debited monthly – therefore, the more cash (cash flow), more regularly (such as your net salary, wages and if applicable rent) going through this offset account and against your home loan – the less interest you will pay.
What does this mean for Edward?
The savings Edward achieves from the interest component of his monthly repayment instead goes towards paying the principal. Assuming that Edward maintained a balance of $100,000 in his loan offset account for the entirety of the loan. Edward could expect to have the Loan repaid years earlier.
Why fund with elk?
elk is a private company (family enterprise) on a mission and believes that innovation can transform and will deliver a distinctly different, next generation experience for our clients – ensuring the best outcome for them. The vision of Elk Money is linked with our Money Power initiative, striving to help Australians cut costs and save money by taking control of their Money Power. This is done by assisting you in reducing debt quickly, tax minimisation advantages, increasing your current asset pool & net asset position, budgeting and maximising cash flow and providing a credible link to quality information to promote the lifestyle and future that you desire. Elk Money is one branch of the Elk Tree that shows you we are serious about helping you improve your financial position.
Do you know what your rate is or does your lender offer a similar low interest rate?
Get in touch with elk today!
We’re not a bank – we’re what a bank should be…
At elk we take the time look at your complete financial profile, we are open and honest, dedicating our time and attention to listening to you and assisting you with what matters most.
Important Information
1. Rates as at of 3 February 2020 and are subject to change without notice
2. All applications for credit are subject to elk’s credit assessment criteria.
3. Application service fees & charges are applicable.
4. The 2.94% fixed interest rate is is for 2 years, with unlimited free redraw and a free fully transactional 100% offset account attached.