How Does An Offset Account Work?

On a recent webinar, one of our attendees asked, “Please define an offset account, and does an offset account only exist for a home loan?”

Here’s our answer:

Some of the banks offer it with a mortgage. If you put $10,000 in your offset account, that will offset a portion of the interest up to the interest of $10,000 on your mortgage. It offsets interest on your home loan, and calculated every day that your money is sitting in that offset account.

Watch the full webinar, ‘Solving Company Loads Division/7A Problems ’ at https://learning.benwalker.com/courses/solvingcompanyloansD7AP