Join our investing community

How a Mortgage Offset Account Works

Discussion in 'Finance & Banking' started by jeromanomic, 22nd Apr, 2015.

Tags:
  1. jeromanomic

    jeromanomic Active Member

    Joined:
    20th Jul, 2014
    Posts:
    30
    Location:
    Perth, WA
    jeromanomic, 22nd Apr, 2015
    #1
  2. Terryw

    Terryw Well-Known Member

    Joined:
    9th Jun, 2006
    Posts:
    764
    Location:
    Sydney
    You're crazy. You should be using an offset account which is just a savings account linked to your home loan. It will save you interest.
     
    Terryw, 23rd Apr, 2015
    #2
  3. jeromanomic

    jeromanomic Active Member

    Joined:
    20th Jul, 2014
    Posts:
    30
    Location:
    Perth, WA
    An offset account is a transaction account, not a savings account.

    I do have one, and it is the reason I don't have a savings account....
     
    jeromanomic, 22nd May, 2015
    #3
  4. Terryw

    Terryw Well-Known Member

    Joined:
    9th Jun, 2006
    Posts:
    764
    Location:
    Sydney
    It doesn't matter what you class it as but as long as you have an offset account that is the main thing.
     
    Terryw, 22nd May, 2015
    #4