James Wrigley
Region: AU
Tuesday 26 March 2024 07:22:27 GMT
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Ryan :
offset account rates are higher
2024-03-26 20:58:22
2
ssuser2000 :
only difference is weekly repayments are usually calculated as monthly ÷ 4 which = effectively 13 months worth of payments per year so more principal
2024-03-26 07:31:00
1
Jenny Haramis Mircev :
Can someone explain to me what an offset account is? Is it just a savings account?
2024-03-26 10:31:14
1
ACES PTY LTD :
it doesnt change the interest if u look at it that way but it does on an annual basis as u’d have paid more repayments when paying fortnight
2024-03-26 09:11:20
6
Nikki :
Offset account and pay extra is the best way to be done with home loan. Pay it weekly and as much as you possibly can.
2024-03-28 18:34:08
5
Mikecheck :
If you have 200k to put in an offset account wouldn't it be better to just pay that amount off your home loan? Or is that not allowed.
2024-03-27 00:17:01
5
Megan_live_love_life_read 📚 :
What about if you pay more than the minimum
2024-03-26 10:34:14
0
nfbdhejehe :
Except when it’s on the home loan you are less likely to redraw it. When it’s in your offset then you’re more likely to spend it
2024-03-26 08:57:34
11
andrew sampson :
Well put.
2024-03-26 07:40:30
2
heartroar 🍉 :
I setup our loan fortnightly to align with my pay, emotionally it felt better for some reason.
2024-03-26 10:25:07
1
Wooly Bull :
reducing the principle faster will reduce the interest , doesn't matter which vehcile you use, it's a time cost, longer you take more interest you pay.
2024-03-26 20:42:50
1
xo._.ox_24 :
oh 🤔
2024-03-26 09:44:08
1
m✨️ :
can you have both an offset and make extra repayments?
2024-03-26 23:56:00
0
Top secret :
when can someone open offset account?
2024-06-23 18:48:11
0
Maseface :
sitting here with 100% offset and it's easy tomuse the money of we need it for something else
2024-03-26 10:01:34
1
🇦🇺ᚠ༺🫧∞ Beach Nymph ∞🫧༻ᚠ :
I was instructed from my bank that it is only a partial % offset.
2024-03-26 10:19:21
0
Ashleigh Fodeades :
Why is the projected length of my loan longer with the money sitting in my offset than when it’s sitting in my redraw
2024-05-14 21:41:02
0
Ryan :
If the plan is to built up equity to buy a holiday home is redraw better then?
2024-04-08 12:00:22
0
TheLegendOfLink :
Don’t banks calculate interest daily though? Meaning if you’re paying more frequently into offset, it does technically save you money?
2024-03-28 06:18:49
1
user870762 :
If you’re p&i then incremental extra principal amounts do make a difference ✌
2024-03-28 15:06:34
1
Cman78 :
I save interest by offsetting my offset account which is offset by my saving account and that account is offset by my everyday account
2024-03-26 18:47:24
0
Marty Robert :
Wrong, the quicker you put money into your loan. The less you pay.
2024-03-27 04:07:57
0
Janey :
Thank you!
2024-03-26 10:20:47
1
ShufflesMum :
How do I identify if my offset account is actually working? I'm a little suspicious it hasn't been activated this whole time..
2024-04-01 11:40:12
0
glorz49 :
ohhh I wish I saw this a year ago 😂 so the money i was transferring from my offset account to my loan repayments made no difference? 😂🤦♀️
2024-09-20 09:40:25
0
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