Offset
Account
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This type of mortgage you have to have two accounts working
together. One account is your mortgage account and the other being
a savings account. The benefit being that for every dollar you hold
in your savings account will reduce the interest payable on your
mortgage. As an example, if you have a mortgage for $110,000 and
$10,000 in your savings account, the interest on your mortgage is
calculated on only $100,000 because you have savings of the
$10,000!
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