Commonwealth Bank Mortgage Interest Saver Account

Commonwealth Bank Mortgage Interest Saver Account

The Commonwealth Bank Mortgage Interest Savings Account could wind up allowing you to keep thousands of dollars, that normally would be used to pay interest, in your pockets. Not only that, but you could shed years off of the life of your home loan.

This is how the Commonwealth Bank Mortgage Interest Saver Account works - the interest you pay on your home loan is significantly lowered because the balance of your Mortgage Interest Saver Account is set-off against your home loan balance. Being that your interest is reduced, your loan has the chance to get paid off sooner. Another benefit of this is that since your account is set-off against your loan balance, there is no interest that is 'earned' on your Mortgage Interest Savings Account and no tax is payable. There are not any transaction fees when you make deposits or withdrawals, either.

With the Commonwealth Bank Mortgage Interest Savings Account, fixed rate and investment home loans have partial set-off available. The 1 year Guaranteed Rate, Standard Variable Rate and 12 month Discounted Variable Rate have a full, 100 percent set-off available.

If you would like to find out more details, Commonwealth Bank is happy to answer your questions and address your concerns.