Offset Facility is an optional feature
of your housing loan (L21, L22) which benefit by offsetting
the balance in your S22 against the balance
in your loan account.
The benefit is you
pay interest on a reduced amount, making
your savings work harder.
For example, if you have a current home
loan of $100,000 and $10,000 in your “linked” deposit
account, interest would only be charged
Every dollar deposited
into your “linked” account
saves you interest which helps you pay
your loan off faster.
Make your extra funds
work harder by parking these in your offset
account – you
can draw on them at any time with no minimum
You can also “freeze” a
portion of your balance in your offset
This can help you manage your regular expenses
budget, helping you save, whilst knowing
these funds are readily available if required.
your salary directly into your “linked” deposit
account and you could save even more.
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