Offset Accounts: Helping You, or the Bank?

Ep 101. Offsets have been in the news, and not for good reasons. In July, ASIC reviewed eight banks and found offset accounts that were never linked to the loan. Some were never opened at all. Banks have paid back more than $55 million so far, and ASIC expects that number to grow.

But the setup errors are only half the story. The bigger question is whether an offset is helping you pay off your home, or just helping you feel like you are.

This week we look at why Australians love offsets, why banks love them even more, and what one banker told Lachy about keeping customers "sticky". We cover where an offset earns its place, why offsets attached to fixed rates often do nothing, and the habits that shift a mortgage faster than any feature comparison.

Tools don't pay off home loans. Clear goals and a cash flow system do.

Mentioned:

• ASIC: Hidden mortgage offset failures costing Australians millions in lost interest savings
• RBA housing lending data (55% of housing loan facilities now have an offset)
• Waymaker's Mortgage Crusher

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IMPORTANT: All of our content including this episode is only for education and entertainment purposes only. It is NOT financial advice! Never get financial advice from a podcast! You've been warned. No information on this show takes into account your personal financial situation or goals. Please consider if the advice is appropriate to you and your needs, before acting on the information. We always recommend you seek personal financial advice from a Financial Advisorthat's tailored to your goals and situation Presented by Waymaker Finance 🇦🇺 & hosted by Lachlan Nicolson, Tim Evans and Archie Franz. www.waymakerfinance.com.au 🎙 Recorded using Riverside.fm