Property buyers stash record amount in offset accounts
Offsets can save money but make sure you’re not paying more in interest or that better returns are not available elsewhere.
Duncan HughesReporter
Residential property borrowers have squirrelled away a record $232 billion in offset accounts – an increase of nearly 15 per cent, or $30 billion – in the past 12 months to reduce their interest payments and shorten loan terms.
The massive amount stashed away to pay down loans is equivalent to the cost of about 538,000 Ferrari F8 Spiders, or more than 23 million top-end 85-inch TV screens.
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