An offset account, which can be either partial and full, can be used to help pay off your home loan. When taking out your mortgage, you want your money to work hard for you, so one feature it ...

Once your offset account is set up, you can realise its potential with the following strategies: Deposit your salary. Arrange to have your salary deposited directly into your offset account.

Without an offset account, the borrower would pay approximately $1,583 in monthly repayments. If the borrower has an offset account with a $50,000 balance, the interest would be calculated on a ...

Partial offset accounts: This option restricts its benefits to a portion of the money in your account. Continuing the previous example, a partial offset may instead use 25% of your $50,000 account ...

Mortgage offset accounts provide financial flexibility to homeowners. As the name suggests, the interest credited on the deposits in the offset account directly reduces the amount of interest ...

This is key: An offset account can only be issued by an authorised deposit-taking institution – in other words, an APRA-regulated one - no matter what a lender tells you. And note that only real deals ...

What are Interest Offset Accounts and how do they work? An Interest Offset Account is generally the repayment account that is tagged to your housing loan. Like all repayment accounts, it is a savings ...

If you keep the $8,000 per month spending money in a debit account so it doesn't offset any mortgage interest, you owe $600,000 minus $50,000. The daily interest works out at $94.03 for the first ...

Most of these accounts are "100 per cent offset" — but some aren't. Ms Taylor says it's an important thing to check. "It could be only 50 per cent of the account is offset.