An offset account is a transaction account linked to your mortgage. Any money in that account automatically offsets the interest on your home loan amount. So, if your mortgage is $300,000 and you have $30,000 in your savings, you only pay interest on $270,000. An offset account is a clever way to use savings to pay your home loan off faster.
Paying off your mortgage ahead of schedule is not impossible. Choosing the right lender can make all the difference. If you feel you aren’t getting the best deal and are considering refinancing, get in touch with us at Well Home Loans. With our low interest rates, you can own your home much sooner than you thought possible.