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What is an Offset Account on your mortgage?

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By choosing a home loan with a linked offset account you can save money on your mortgage and years on your home loan simply by making a few small changes to your financial habits. Your offset account literally offsets the amount of interest that you pay on your mortgage and the less interest there is to repay, the sooner you will own your home…..Simple, the interest charges on your home loan make up the primary portion of your minimum monthly repayment, and over the life of a 30 year loan you can be paying hundreds of thousands of dollars in interest, on top of repaying the hundreds of thousands of dollars you borrowed initially to buy your home. This is why it is so important for you to ensure you have the best loan and features that suit your current circumstances. The best part is, we can give you the tools you need in an offset account, all you need to know is how to get the most from their benefits. The offset feature works by 100% offsetting the balance of the loan with your savings account on a daily basis, this way as soon as you are paid you will be benefiting from the additional money in your account before you start spending it on the monthly bills. Offset is a great feature and I often find can suit clients within a professional package as they can be quite an expensive product without receiving a discount on the standard rate.

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