Surfers Paradise Blog

An offset account is an everyday bank account that is linked to your home loan.

You can deposit your salary and savings into the account, and the balance is then offset against the amount owing on your home loan.

It basically replaces your everyday bank account, where the balance 'offsets' the amount you owe on your home loan, reducing your monthly interest.

The more you have in your offset account each day, the more interest you could save.

With some banks, you can link multiple accounts to your home loan, receive credit card-related bonuses, and much more.

If your household salary is not being deposited into an offset account, you could be paying too much interest.