on 29-10-2018 11:18 AM
we've got $82,207.00 on our variable loan account.
now we r wondering where is the best beneficiary way to deposit this saving money!
should be save it on offset account or leave it in variable loan as it is now.
on 29-10-2018 11:58 AM
Hey @Tehran - great question.
If you've got a Home Loan product with a variable interest rate, generally the interest is already being offset at 100% of any available/surplus balance on the loan itself.
The same goes for an Offset Transaction account linked to a Home Loan with a variable interest rate - the balance in the account offsets the interest accruing on the linked home loan by 100%.
For example, if you have $200K owing on your Home Loan with a variable interest rate, and your linked Offset Transaction account has a balance of $200K, you won't pay any interest. If you instead would prefer to keep a $200K "available balance" in the home loan account itself, again you won't pay any interest
I hope this helps - let me know if you have any further questions.
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