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Have the interest earned from your deposits offset the mortgage expense by reducing the outstanding principal of your loan, while enjoying flexible cash withdrawal

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Have the interest earned from your deposits offset the mortgage expense by reducing the outstanding principal of your loan, while enjoying flexible cash withdrawal

Mortgage $aver

Example

Suppose you would like to borrow a loan amount of HK$3,000,000.

Mortgage loan amount

HK$3,000,000

Mortgage loan tenor 20 years
Mortgage loan interest rate 1.91% p.a.
Initial deposit HK$120,000
Monthly savings HK$1,500
Mortgage $aver
Your current conventional mortgage plan
(a) Original mortgage loan interest expenses HK$611,855 HK$611,855
(b) Deposit interest earned HK$93,138
(Deposit annual interest rate
equals your existing mortgage loan interest rate)
HK$602
(Based on HKD deposit interest rate
of 0.01% p.a.)
(c) Mortgage interest expenses saved as a result
of reducing the mortgage loan outstanding
principal with deposit interest accrued from savings
HK$8,811 NIL
Net interest expenses (a-b-c) HK$509,906
(Save 16%)
HK$611,253

The above example is based on the assumptions below and is for reference only.

  • Assuming that you:
    – Deposit HK$120,000 on the date when setting up Mortgage $aver AND
    – Deposit HK$1,500 into the Mortgage $aver Current Account on a monthly basis AND
    – No withdrawal is made during the entire mortgage loan tenor AND
    – Repay monthly instalment on schedule according to the Bank’s calculation
  • The above example does not take into account any fees (including arrangement fee, annual fee, and other charges (if any)) in the calculation.

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To borrow or not to borrow? Borrow only if you can repay!

Important Notes