1. Start Early:

The sooner you open an offset account, the more interest you can save over time. When you take out your home loan with emoney Home Loans, consider setting up an offset account from the beginning. Even if you don’t have significant savings initially, every little bit can make a difference in the long run.

2. Keep your Savings in the Offset Account:

Avoid the temptation of withdrawing from your offset account for non-essential expenses. The more money you keep in the offset account, the greater the reduction in interest payments. emoney Home Loans can provide guidance on setting up a budget to ensure you’re putting aside as much as possible.

3. Salary Deposits into Offset Account:

Direct your salary or income directly into your offset account. This will maximise the interest savings since your salary is instantly reducing the principal on which interest is calculated. emoney Home Loans can help you set up this arrangement with ease.

4. Use Windfalls Wisely:

Any bonuses, tax refunds, or unexpected windfalls you receive can significantly impact your offset account’s balance. Consider depositing these amounts directly into your offset account to reduce your interest payments and pay off your home loan faster.

5. Savings from Expenses:

Be disciplined with your expenses and try to save as much as possible. By channeling these savings into your offset account instead of spending them, you are accelerating your journey to becoming mortgage-free. emoney Home Loans offers expert financial advice to help you manage your expenses effectively.

6. Combine Salary and Savings:

If you have other savings, such as emergency funds or long-term investments, consider combining them with your salary in the offset account. The larger the balance, the more interest you’ll save and the sooner you’ll be debt-free.

7. Maintain an Emergency Fund Separately:

While it’s essential to maximise your offset account, it’s equally important to have a separate emergency fund. This fund will serve as a safety net during unexpected financial crises and prevent you from dipping into your offset savings.

8. Review Your Loan Regularly:

As your financial situation evolves, it’s essential to review your home loan and offset account regularly. emoney Home Loans provides refinancing options that may better suit your needs, ensuring you’re getting the most out of your offset account.