How Much Should The Clients Have in Offset?

A mortgage broker should be prepared to assist their clients with all aspects of mortgage repayments, including mortgage offset accounts. Generally, it is recommended for clients to have a minimum of $10,000 in their offset accounts to make it worthwhile after paying the offset account and package fees. 

Mortgage offset accounts are a type of transaction account that allows clients to deposit additional funds, income, and savings into the account. The balance of a client’s account is then offset against the total amount owed on their home loan, which results in the client only being required to pay the interest calculated from the difference between the account and home loan balance.

A mortgage broker should advise their clients with mortgage offset accounts to consistently keep a balance in their accounts. The more money a client has in their account regularly results in more money being saved and the potential to pay off their home loan quicker than the terms outline. 

Clients can maximise their mortgage offset account by allocating all income to the account, including bonuses, tax refunds, or gifted funds. The funds placed into a mortgage offset account can be accessed by the client via debit card, similar to how traditional transaction accounts are accessed. 

If a client is interested in learning more about the various ways a mortgage offset account can benefit their repayments and financial status, they should reach out to their current mortgage broker to gather accurate information and suggestions.