How does a mortgage offset account work?

A mortgage offset account is a special type of bank account linked to your home loan, and it’s a popular choice for many Australians.

Here’s how it works with Get My Lending. Instead of earning interest on the money in your offset account, the balance is used to reduce the interest charged on your home loan.

For example, if you have a $400,000 home loan and $20,000 in your offset account, you’ll only pay interest on $380,000. This can help you save money on interest and pay off your loan faster.

With Get My Lending, our team explains all your options and helps set up an offset account that fits your needs.

You can access your money at any time, just like a regular savings account, but every dollar in there works to lower your mortgage interest.

It’s a simple way to keep more of your hard-earned cash and get ahead on your home loan.

If you want to know more or see if an offset account is right for you, chat with our experts at Get My Lending on 1800 957 427 and we’ll guide you through it.