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There used to be more around, apparently, but since the recession the demand has almost disappeared. Most first-time-buyers struggle to scrape together a deposit, never mind have significant savings left at the end of it! We're very unusual in having been able to put down 25% deposit and to still have savings left at the end of it. (And to be fair, we've been very ambitious with our first house. If we'd bought in the area a lot of my colleagues live in, we could have nearly bought outright. (Well, we could easily have bought outright - and had money to spare - but we could have been picky to get the right road, nice period features etc and still had a trivial mortgage.))
If you have no savings, there's no point getting an offset mortgage. You'd be better off getting a conventional one which has a lower interest rate.
I just checked an Aussie mortgage calculator and using the figures for our house, the lowest interest rate it would offer me was 4.69%! Just looking at our lender, the current lowest rate for the same loan is 2.14% - or as an offset, 2.34%. (All of those are 2 year fixed.)
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(VISITOR) AUTHOR'S NAME
EofW
MESSAGE TIMESTAMP
26 june 2014, 03:36:41
AUTHOR'S IP LOGGED
83.100.130.80
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