This offset calculator allows you to calculate the benefits of having a mortgage offset account. It will show you the rate before and after implementing an offset account.[calculator calc=”dailyinterestcharge”]
..now what if I add an offset account?
Calculate the amount you will save per day by using an offset account.
The offset calculator and what it does
This offset calculator is to be used as a guide only. It indicates the rough amount you can save per day if you were to utilise an offset account strategy. This means leaving your excess money inside your offset account to reduce the amount of the loan you pay interest on.
Tips on using the offset calculator
The trick is to understand how much money on average you can have inside your offset account on any given day. The more you have in the account, the more interest you will save – as is evident by this offset calculator.
So if you have savings, excess money or any kind of cash stash – offsetting your money against your mortgage will maximise the amount of interest you save.
Mortgage offset strategy tips
Here are some common tips for people looking to maximise their offset account to in turn pay less interest.
- Get paid directly into your offset account.
- Use a 55 day interest free credit card to avoid taking any money out of the offset account
- Repay the credit card in full after the full interest free period
- Keep your savings in the offset account. You earn no interest but pay no tax and save on interest instead.
- Put every dollar between you and your partner in the one account to offset against mortgage