People are depending on offset accounts

#finances #mortgages #heisesays
More people are using offset accounts.


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  1. Its more a life stage/ cashflow thing, most people I see refinancing have built up a redraw or offset if they have held the loan for number of years without topping up to access equity for cars or renovations.

  2. Hmm, last 30 years interest rates 18% to 2%, this is why house prices increased (You could borrow more), with interest rates going to 10-12% to stop inflation, EXPECT 30-50% DROP in home values.
    Just Saying!!!

  3. My parents taught me about their redraw/offset when i was 17 and let me use it for my savings ($1000 @ 5.2%p.a = $1 off my board every week!) That was the greatest financial lesson and motivator i have ever received.

  4. Why can't the government give over 35year olds who have a mortgage an option to put up to 1/4 of their super into an offset account on their mortgage for a period of up to 10 years???? I am sure money saved in interest would be more than earned in super

  5. Went on a walk about with a couple of friends (a couple) looking for a property to buy. They have the money and have no interest in a fixa-upper, just looking for a home around 700k near Melbourne. So much decrepit crap, mold farms. I guess investors only care about the land value, not maintenance.

  6. Back in the 1990s when a good variable rate was 17% 🤪 I had a offset account paying 6% when I set up the account the bank manager explained that the amount in the offset account balance was deducted from the mortgage account balance before the 17% interest was calculated. Wrong it was the interest generated from the offset account then deducted from the mortgage account in the days before the internet it took a while before I worked it out . We went without a lot of things and even rented a spare room to pay 💰that Mortgage down the days of cheap money are coming to an end and a new reality is coming

  7. Offset accounts are BS. U pay 395 a year for it. When u can get a redraw for free. Only difference is off set is instant access to your money whereas redraw can day days to access. But who cares the money in there shouldn't be taken out anyway

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