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Offset mortgages explained

An offset mortgage links your savings/your day to day account to your mortgage. 

Your mortgage is $100,000 but you have $5,000 (on average) throughout the month in your day to day account. With an offset mortgage account, your bank will only charge you interest on the $95,000 of debt you have. You'll still have access to the $5,000 IF you need it. 

Instead of earning interest on your savings ($5,000), you pay less interest on your mortgage AND you won't pay tax on the interest income you earn. This saves you money, twice.  

What now?

ASK your bank how they can help you put your savings to better use. 
E-mail us at info@schoolrebates.co.nz if you have questions or don't know where to go from here.