How a Mortgage Offset Account Works

Discussion in 'Loans & Mortgage Brokers' started by jeromanomic, 22nd Apr, 2015.

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  1. jeromanomic

    jeromanomic Active Member

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    jeromanomic, 22nd Apr, 2015
    #1
  2. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    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.
     
    Terry_w, 23rd Apr, 2015
    #2
  3. jeromanomic

    jeromanomic Active Member

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    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. Terry_w

    Terry_w Lawyer, Tax Adviser and Mortgage broker in Sydney Business Member

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    It doesn't matter what you class it as but as long as you have an offset account that is the main thing.
     
    Terry_w, 22nd May, 2015
    #4