Does your mortgage come with an offset account, or are you considering getting one? Here we break down the basics of how offset accounts work.
A large number of mortgage holders, particularly those who opt for a home loan package, have an offset account. In fact, a total of 38% of investment and owner occupier home loans have an offset facility, as at September 2017, according to the Australian Prudential Regulation Authority (APRA). But, what is an offset account?
A mortgage offset account is a bank account linked to your home loan to potentially save you money in interest. Our video below explains the basics, including how offset accounts work and possible pros and cons to keep in mind.
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