How to get the most out of your offset account
There are a few ways to help you maximise the benefits of an offset account.
Calculate your potential interest savings
Ourloan repayment calculatorlets you customise a loan using several variables – loan amount, term, interest rate, and more.
You can also enter how much (on average) you’ll have in your offset account. This will show you the savings you could make—and how much sooner you could pay off your loan.
Keep as much money in your offset as possible
Since every dollar (every day) saves you interest, it makes sense to keep as much of your extra savings in your offset account as you can, for as long as possible.
Have your salary paid into your offset
Whether it’s your salary or any other deposits, having it paid into your offset account could reduce the interest you accrue on your home loan.
Learn how to set up your income payments using the NAB app.
Take advantage of interest-free days on your NAB credit card
By using yourNAB credit cardfor everyday purchases and then paying the full closing balance, or if you have a balance transfer the 'interest free days payment', by the due date each month, you keep your money in your offset account longer – offsetting interest on your home loan.
Tip: Set-up a direct debit from your offset account to ensure you always pay the full balance of your NAB credit card on time.
How to set up an offset account
- Offset accounts can be linked to eligible variable rate home loans.
- Fixed rate loans aren’t eligible for linking to an offset account until the end of the fixed rate period when your loan changes to a variable interest rate.
- You’ll need an eligible transaction account such as the NAB Classic Banking account.
- The person/s named on the offset account must be the same as the person/s named on the home loan.
