Stashing your savings in an offset account can save you a tonne of money on your home loan - and the best part is that it’s super easy to do. Take a look at some of the top Offset Home Loans on Mozo in the table below.Read more
Good question! An offset account is a lot like a regular bank account, except that the balance you keep in it will offset daily against the principal amount of your mortgage, so you pay less interest.
You can still use an offset account just like you would a regular bank account, including having your salary paid into it, setting up direct debits and using a linked debit card for everyday purchases.
Generally speaking, offset account are offered with variable rate home loans, which are usually more flexible in terms of extra features. If you’re opting for a fixed rate loan, it’s less likely to have an offset account attached.
The other option is to split your loan between fixed and variable rates. In this case, the savings from your offset account will be applied only to the variable portion of your loan.
It’s easy! Once you’re satisfied that you’ve found the perfect offset home loan for your property buying needs, just click the blue ‘go to site’ button in our comparison table below. That will take you through to the lender’s website, where you can find more information and start your application.
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How much could you save by switching your home loan? Compare savings from over 500 home loans. Find out in a few clicks.