Offset account

An offset account is a transaction account linked to your mortgage which ‘offsets’ its balance against the balance of your home loan to reduce your interest payments. In short, money in your offset account reduces the interest you need to pay on your home loan. 

For example, if you have a home loan balance of $200,000 and you have $50,000 in your offset account, you’ll only pay interest on the remaining $150,000. 

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