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  1. #21
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    Offset here too.

  2. #22
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    Quote Originally Posted by nicole83 View Post
    You can still have an offset account and consider it savings. We have about 6 offset accounts with the cba that have varying amounts of money in it for different purposes. Eg rates, electricity and water in one. Actual savings in other. So it serves the purpose of being offset to our mortgage but still separate from other funds so we have a clear breakdown of what we can use for luxuries or holidays vs bills.
    This is us also. All our sub accounts are offset against our homeloan and we also pay extra on our loan repayments

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    Not a clue. Which sounds bad but we have a mortgage and use our offset account as our 'main' account. We have at least 4 months worth of pay in there atm as a buffer. We have our own accounts to save and use for our own 'stuff'.

  4. #24
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    Default % of income to savings

    We just have an offset account to our mortgage which holds our savings. At the moment we are just treading water with our balance steady as I'm still studying full time and working casually. I'm probably going to work 4 days/week from next year so we'll start to save again. Unfortunately we desperately need to do a bathroom reno so that's going to severely dent our savings

  5. #25
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    I am staring down the barrel of bathroom renovation too. We dont ha ve a savings account as such, just tey to get ahead on mortgage and redraw when we need to.

  6. #26
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    Default % of income to savings

    Quote Originally Posted by Albert01 View Post
    How much extra money do people put into mortgage offset?

    We do nothing...no savings, no extra on mortgage. Our finances are tight, tight, tight.
    All our pays etc go straight into our offset account so basically everything we earn automatically goes in there and everything we spend goes out there and at the end of the month we cross our fingers that the balance has gone up!

  7. The Following User Says Thank You to bel2466 For This Useful Post:

    Albert01  (06-06-2016)

  8. #27
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    Another one with offset. We put most of our pay in off set. Everything is on direct debit from off set account meaning all bills, insurances, school fees etc. We take out money for groceries, petrol and allowances that's pretty much it. We cancelled all our credit cards and if we need a bigger purchase like a new car we take it out of the off set (we get old cars or second hand things for the house mainly). We live pretty tight.

  9. #28
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    Quote Originally Posted by Albert01 View Post
    How much extra money do people put into mortgage offset?

    We do nothing...no savings, no extra on mortgage. Our finances are tight, tight, tight.
    We have all our sub accounts as offset. So only a small amount each week goes on our card acct for fuel and food which isnt offset. Our pay goes in one account that is for bills and another acc mainly for my travel money

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    Albert01  (06-06-2016)

  11. #29
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    As a singleton it was 50%. With H it was 40%.
    Now it's under 10%.

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    yes because even if it sits there for a day, it'll do more good than if it's in another account. interest is calculated daily...even if it sits there for a day or 2, the benefit would be very insignificant, but it's still a benefit.

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    Albert01  (06-06-2016),binnielici  (06-06-2016),sunnygirl79  (06-06-2016)


 

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