What is an offset account?
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Your offset account is simply linked to your home loan and works like a regular savings account
| The balance of savings is offset against the amount you owe on your loan. Interest on your savings account is earned at the same rate as your linked loan.
Over time, this can reduce the amount of interest you pay, helping you to reduce your loan quicker or build up your level of equity.
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How does an offset account work?
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When you deposit money in your offset account, this amount is deducted from your loan balance before interest is calculated. Therefore, any extra money in your offset account saves you interest on your loan, thus shortening the term of your loan.
For example, if you have a $100,000 home loan and $5,000 in your 100% offset account, you would only pay interest on a notional balance of $95,000. That's $5,000 you don't have to pay interest on!
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Enjoy the benefits with an Easy Street offset account
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Our offset account can be linked to the Easy Street Honeymoon home loan and fixed home loan. It's a fee free account that you can use as your primary savings account.
To find out more about Easy Street's 100% offset account or how to apply, click here.
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Things you might like to know
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