Queensland is leading the nation when it comes to regional property purchases in 2024, with six locations in the Sunshine State making up the top 10 list of hotspots.
13.12.2024 | 2 min read
Published on 24.02.2025
NAB has today announced that homeowners can offset their mortgage across up to 10 separate accounts with a new feature in the bank’s app, potentially saving them hundreds on interest annually.
Demand for offsets by NAB customers has increased since the pandemic, with around 70% of new homeowners now choosing to offset their loan, growing balances by 65% to $48 billion.
With a few clicks in the app, customers can further lighten their loan by linking their accounts to their mortgage.
NAB Executive Andy Kerr said the feature is perfect for Aussies who split their funds across several accounts.
“Many Australians bucket their money into different categories to manage their budgets. With multiple offset accounts, they can continue doing this while also saving even more on their home loan interest. They no longer have to sacrifice one for the other.”
“We know traditional offset accounts have been homeowners’ secret weapon during times of higher interest rates and cost of living, and multiple offset accounts take those savings to the next level,” Mr. Kerr said.
Having multiple offset accounts provides customers with greater flexibility to manage their money and benefit from their saving habits by giving them the option to:
NAB customer Brandon Spezzano had the opportunity to trial multiple offset accounts and noted they have made managing mortgage payments much easier for him and his partner.
“This has made it so much smoother and simpler for us to manage our finances,” he said.
“Under our structure, we have a primary account, which is set up similar to what a traditional offset would be where we both contribute to it together.
“But now, by linking multiple offset accounts to our loan, we can organise our savings goals in way that suits each of us. So, while we’re pooling our money together to maximise savings, we get to keep our individual accounts separate.”
“What’s even better is that I don’t need to keep my own spreadsheet to track how much interest we’re shaving off the loan. The app now shows me our monthly savings, which is a great motivator,” Brandon added.
ENDS
Notes to editor
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Queensland is leading the nation when it comes to regional property purchases in 2024, with six locations in the Sunshine State making up the top 10 list of hotspots.
13.12.2024 | 2 min read
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