Hi all,
I think I know the answer here but waned to clarify.
If I were to put $1000 per month into my offset account and leave it there, it has the same effect as paying $1000 off of the mortgage until I decide to pull it out? Is it that simple?
I am about to start my first Australian mortgage after coming here from the UK in 2012 and this will also be my first offset.
The most beneficial way to utulise my offset is to leave as much money in there for as long as possible? I have even heard of people paying everything on a credit card each month so they can leave all of the money in there until the next pay day where they pay the credit card off then live n it again for the following month just to maximise the benefits. Although I don't think my wife and I could be trusted with a credit card it seems to make sense.
I think I know the answer here but waned to clarify.
If I were to put $1000 per month into my offset account and leave it there, it has the same effect as paying $1000 off of the mortgage until I decide to pull it out? Is it that simple?
I am about to start my first Australian mortgage after coming here from the UK in 2012 and this will also be my first offset.
The most beneficial way to utulise my offset is to leave as much money in there for as long as possible? I have even heard of people paying everything on a credit card each month so they can leave all of the money in there until the next pay day where they pay the credit card off then live n it again for the following month just to maximise the benefits. Although I don't think my wife and I could be trusted with a credit card it seems to make sense.