Want to work out how much interest you can save on your home loan by having funds in your linked offset account?
What is an offset account?
An offset account is a great way to reduce the interest you pay on your home or investment loan. Some loans always you to attach an offset account, which is a transaction account that is linked to your loan. Any money that you have sitting in your offset account, does exactly what the name suggests, it offsets the amount you owe on the loan. You are only charged for the interest on the difference.
What are the benefits of an offset account?
Because the offset account is a transaction account you can withdraw the funds at any time. An offset account provides flexibility to retain access to money when you need it while saving interest along the way.
Should I get an offset account?
That’s something that we can chat through with your once we work out what your goals and objectives are. Sometimes loans with offset accounts can come with a slightly higher interest rate so we can work with you to decide if the benefits make it worthwhile for you.