Pay off your house sooner with a home loan offset account
Have you got some savings left over after applying for your home loan? A 100% mortgage offset account is a great way to reduce the interest you pay on your home loan, to pay off your mortgage faster.
The mortgage offset account works like a normal transactions account, so you can access your money any time.
How does the mortgage offset work?
- deposit any funds, including your salary, into the mortgage offset account
- the interest charged on your home loan is calculated on your loan balance, minus the funds held in your offset account.
Not only will you reduce the unpaid balance of your home loan each month (and therefore the interest payable), you’ll be making the most of the funds in your Mortgage Offset Account every single day.