What is an offset mortgage?
An offset mortgage links your savings and everyday accounts to your home loan, so you only pay interest on the loan balance minus those savings.
Your savings earn no interest, but every dollar offsets mortgage interest, which is usually a higher rate and is not taxed like savings interest. You keep access to the money at any time.
Example
With a $500,000 mortgage and $30,000 in offset accounts, you pay interest on $470,000.
In Fireball
Fireball shows your mortgage as a debt and your offset accounts as cash, so your net worth stays accurate.
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