Does your offset account work for you or do you work for your offset account?
An offset account is a great way to save money. It is multi-purpose account that can be used as a savings, spending account and a money management tool. Interest is calculated on the difference between your loan and offset balance.
Loan balance = $100,000
Offset balance = $10,000
Interest is charged on the difference $100,000-$10,000 = $90,000.
You therefore save interest on a loan balance of $10,000!
Want to learn more? Contact the team at Avenyou today.