Understanding offset accounts
An Everyday Offset account is a transaction account linked to your Standard Variable Rate home loan. Any money in the account will be deducted from your loan balance meaning you’re only charged interest on the difference.
For example, if you have $50,000 in your offset account and your loan balance is $200,000 you’ll only pay interest on $150,000 of your loan balance.
Check out our video, left, for more on how offset accounts work.