Looking for ways to pay off your mortgage in record time? Whether you’re a seasoned investor or buying your first home, a loan with an offset account can help you reduce interest payments, save on tax and pay your mortgage off years ahead of schedule.
What is an offset account?
With an offset account (also called an offset loan, interest offset account, mortgage offset account or offset home loan) the borrower takes out a home loan and opens a linked savings or transaction account. The balance in the savings account is then ‘offset’ daily against the home loan.
See how an offset account could work for you here: