Do you know refinancing can add an offset account?

Why Bricklayers Should Consider Refinancing for Added Features

As a bricklayer, your financial situation is unique. You work hard building Australia's homes and commercial buildings, and you deserve a home loan that works just as hard for your money. If your current loan lacks features like an offset account, refinancing might be the perfect solution to unlock these valuable tools.

Refinancing isn't just about accessing a lower interest rate – though that's certainly a bonus. It's about upgrading your entire loan package to include features that can save you thousands in interest over your loan term. An offset account is one of the most powerful features you can add through refinancing.

Understanding Offset Accounts and Their Benefits

An offset account is a transaction account linked to your home loan. The balance in this account is 'offset' against your loan amount when calculating interest. For example, if you have a $400,000 loan and $20,000 in your offset account, you'll only pay interest on $380,000.

For bricklayers who often receive irregular income or have seasonal variations in work, offset accounts provide incredible flexibility:

• Reduce your overall interest payments without making extra repayments
• Keep your money accessible for equipment purchases or business expenses
• Pay down your loan faster while maintaining cash flow flexibility
• Potentially access tax benefits if you're using the funds for business purposes

When Refinancing Makes Financial Sense

Several situations make refinancing particularly attractive for tradies like yourself. If your fixed rate period ending soon, now might be the perfect time to explore options that include offset accounts. Many borrowers who took fixed rates during recent years are discovering their variable interest rate options have changed significantly.

Other triggers for considering refinancing include:

• Wanting to consolidate debts into your home loan
• Needing to change your loan term
• Releasing equity in your property for business investments
• Seeking to reduce loan repayments while adding features
• Planning to release equity to buy the next property

The Refinancing Process for Bricklayers

The application process for refinancing has become more streamlined, especially when working with brokers who understand the trades industry. At Tradie Home Loans, we can access loan options from banks and lenders across Australia, many of which offer special policies for qualified tradies.

You'll typically need to provide:

• Recent bank statements (usually 3-6 months)
• Proof of income (including ABN details if self-employed)
• Current loan statements
• Property valuation (often arranged by the lender)

Our home loans for bricklayers specialists understand your industry's income patterns and can present your application in the most favourable light to lenders.

Choosing Between Variable and Fixed Rates with Offset Features

When refinancing to add an offset account, you'll need to decide between variable interest rate and fixed interest rate options. Variable rates typically offer more flexibility and feature availability, including full offset account benefits. Fixed rates provide payment certainty but may have limited offset functionality.

Many bricklayers find variable rates work better with offset accounts because:

• Full offset benefits apply to the entire account balance
• Additional repayments are typically unrestricted
• You can take advantage of rate decreases
• More flexibility for debt consolidation strategies

Maximising Your Refinancing Outcome

To get the most from your refinancing, consider conducting a home loan health check to identify all potential improvements. This might reveal opportunities beyond just adding an offset account, such as:

• Accessing better loan options with professional package discounts
• Potentially access a better interest rate than your current loan
• Removing unnecessary insurance products
• Adjusting your loan structure for tax efficiency

If you're planning to expand your property portfolio, refinancing can also help you release equity to buy the next property while setting up your loan structure for future investments.

Taking Action on Your Refinancing Goals

Refinancing to add features like offset accounts can transform how you manage your home loan and overall finances. With the right structure, you can reduce loan repayments, pay off your loan faster, and maintain the flexibility that's crucial for tradies.

We understand that every bricklayer's financial situation is different. Some may benefit from equity release loans for business expansion, while others might focus on getting a lower interest rate with added features.

The key is finding the right combination of rate, features, and lender policies that align with your goals. With access to lenders across Australia and specialist knowledge of the trades industry, we can help you check eligibility for special lender policies and identify the most suitable refinancing options.

Don't let your current loan limit your financial potential. Call one of our team or book an appointment at a time that works for you to explore how refinancing can add the features you need while potentially improving your interest rate and loan terms.