The world's local bank
Q: What is Smart Mortgage ?
A:
- It is an easy way to let you pay less interest and own your home sooner.
- To consolidate your savings and mortgage with an offset function account to reduce your interest payments.
- The more you save, the less you pay.
Q: What are the benefits ?
A:
- Save More: The more you deposit into the Smart Mortgage delegated savings account, the more your interest-free mortgage principal will be.
- Pay less: The more your interest-free mortgage principal is, the less interest you pay.
- Own your home sooner: You can pay-off principal faster without changing your repayment behaviour.
Q: What kind of traditional mortgagers' insights can be satisfied by Smart Mortgage ?
A:Smart mortgage satisfies traditional mortgagers by:
- Providing a constant repayment schedule.
- Having separate loan and savings accounts for accounting clarity.
- Pay off home loan as soon as possible to own home.
- Allowing cash-in hand for cash management and investment purposes.
Q: How does the Smart Mortgage works ?
A:
Smart Mortgage uses the balances in your designated savings account to reduce the overall level of borrowing for the purpose of interest calculation, thereby reducing the amount of interest the customer actually pays. Smart Mortgage does this by combining your savings account with your mortgage repayment account.
Smart Mortgage allows you to payoff your mortgage more rapidly. The regular repayment behaviour remains unchanged. With reduced interest payments, this means more of the regular repayment each month goes to paying down the principal. This arrangement enables Smart Mortgagers to pay off their home loan more quickly than a conventional mortgage arrangement.
