On this week's episode we discuss ways to save tens of thousands of dollars on your mortgage and also how you can shave years on your mortgage too!

  • 3.00 – What is an Offset account?
  • 3.30 – How does an offset account work?
  • 5.00 – Example:
    If you have an outstanding loan of $500,000 and have $100,000 in your offset account, the bank will calculate interest on the loan amount – the offset amount. So in this example, interest will be calculated only on $400,000 rather than $500,000
  • 7.00 – How can your credit card help you save money?
  • 8.00 – 3 rules 
    1. Credit Card is not your money
    2. You must not miss a payment
    3. You must be super strict with your repayments
  • 13.00 – Interest saved vs interest gained
  • 14.45 – 2 types of Offset accounts
  • 15.20 – How to get an Offset account
  • 16.40 – What is a Redraw facility 
  • 18.50 – Summary
    – Offset accounts are like everyday transaction accounts, giving you easy access to your money.
    – Redraw facilities let you access extra repayments that you have made on your home loan.
    – Both can help reduce the amount of interest you pay on your home loan.
    – How you use them depends on your circumstances and how you prefer to manage your finances.
    -There may be different tax implications for offset and redraw if you decide to rent out your home.

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*Note that all information in this episode is based on information that is constantly changing and these are unprecedented times*