Make the Most of Your Offset Account: Tips and Strategies

Learn how to effectively use an offset account and save on interest payments

An offset account, also known as a line of credit or transaction account, can be a valuable tool for homeowners looking to save on interest payments. By linking your offset account to your mortgage, you can effectively reduce the amount of interest you pay on your loan. 

At Mortgage Street, our Super Prime product offers a unique feature of a free 100% offset account when an annual facility fee is selected. This means that you can link your transaction account to your mortgage and offset the balance against your loan, effectively reducing the amount of interest you pay.

One way to make the most of your offset account is by making regular contributions to your transaction account. Every dollar in your offset account is a dollar that is not accruing interest on your mortgage. By making regular contributions to your offset account, you can significantly reduce the amount of interest you pay on your loan. Additionally, you can use your offset account as a transaction account to pay bills, and make everyday purchase, the interest you save can be used for other financial goals such as saving for a holiday or investing in shares.

If you’re interested in learning more about how you can make the most of your offset account and save on interest payments, contact one of Mortgage Street accredited mortgage brokers today. They’ll be happy to answer any questions you may have and help you find the best solution for your financial needs.