Every unspent dollar is applied against your balance owing – effectively ‘accelerating’ your payments and reducing the interest you owe. (Interest is calculated daily and charged at month-end.)
You’re free to withdraw as much money as you like, as often as you like (as long as your balance owing is no higher than 80 per cent of your home’s appraised value). In other words, you can overpay or underpay as you wish, without prior approval.
Your Dream One™ account features a very attractive variable rate of interest – but, if you feel conditions are favourable, you’re free to switch to a fixed-rate mortgage at any time – without penalty.