Hi, I'm trying to work out if one of the following options is better than the other.
Here is the scenario:
Buy a 200k Property
Have a total of 50k to put down as a deposit.
Loan term: say 25 years
Interest rate: 6%
Monthly repayments
Option a)
Loan of 150k and deposit of 50k
Options b)
Loan of 170k, deposit of 30k and then place 20k in the 100% offset account
Is there any interest savings with one option over the other...
I tried working it out in a spreadsheet, but am not 100% sure.
Thanks.
Here is the scenario:
Buy a 200k Property
Have a total of 50k to put down as a deposit.
Loan term: say 25 years
Interest rate: 6%
Monthly repayments
Option a)
Loan of 150k and deposit of 50k
Options b)
Loan of 170k, deposit of 30k and then place 20k in the 100% offset account
Is there any interest savings with one option over the other...
I tried working it out in a spreadsheet, but am not 100% sure.
Thanks.