How much would you be earning on your savings versus paying on your mortgage? If the former is (most likely) less than the latter then this is another argument in favour of eliminating or reducing your borrowing requirements by using some of your savings instead of borrowing while maintaining savings.Daddy said:Sure I could have no mortgage but then I'd have no savings and would need to start the whole process of saving again.
oysterman said:So why have one? The tax relief?
I've had a search around nib's website and can't find anything about the TRS implications of their offset product - it would appear to be more advantageous for the customer if the deposit/loan sums were offset as opposed to the deposit interest/mortgage interest sums since the DIRT would be bigger than the TRS.DoctorEvil said:The tax relief is only on the interest paid so there would be no relief in this case I believe.
oysterman said:I've had a search around nib's website and can't find anything about the TRS implications of their offset product - it would appear to be more advantageous for the customer if the deposit/loan sums were offset as opposed to the deposit interest/mortgage interest sums since the DIRT would be bigger than the TRS.
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