Glossary
Glossary of terms and acronyms related to Australian banking, finance and investments.
Mortgage Offset
A mortgage offset is a bank account that is linked to a home loan. In a mortgage offset, repayments are taken directly from the linked account, but may be withdrawn as needed. This allows borrowers to manage their day-to-day expenses while staying on track with their mortgage. There is usually a limit to how much of the balance you can redraw, which is reviewed and calculated regularly. Some lenders allow 100% drawdown until the end of the mortgage term. You may also be allowed to link multiple accounts to your mortgage, so that you can split the payments between accounts.
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