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Is there any benefit if the bank direclty takes out monthly repayments for my mortgage from my offset account instead of savings account ? (aussie.zone)

submitted 5 months ago by yoz@aussie.zone to c/ausfinance@aussie.zone

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[–] StoryTooMany@aussie.zone 1 points 5 months ago (1 children)

No real benefit, just changes the account you need to ensure has enough funds available. I had a similar setup previously, just used the redraw as the savings since you get a better interest rate.

I don't know about other banks, but the CBA now lets you nominate multiple accounts as offsets, plus having a mortgage redraw account. That way, it doesn't matter where your money is kept, it all counts towards reducing your interest. Makes a difference.

[–] yoz@aussie.zone 1 points 5 months ago

Thanks