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An offset account home loan generally has a savings account in which the balance of the savings account directly offsets against the balance of the home loan. For example if you have a home loan of $100,000 and you have a balance of $10,000 in your savings/offset account, the interest charged on the home loan would be the balance of $90,000 ($100,000 Home loan minus $10,000 in the savings/offset account). If you had $40,000 in the offset account, you would be charged interest on $60,000. Interest on home loans is generally calculated daily, so the interest charged on the home loan is the home loan itself ($100,000 in our example) minus the average daily balance of the offset account. This is a great way to save interest, on your home loan, as an offset account is generally a savings account, and can be used as your day to day transaction account, with a debit card, bpay etc.
If you would like some more information on offset account home loans, contact Perth Mortgage Broker Group , or call Troy on 0411 229 602, 7 days a week.