This way, it can go to work immediately, reducing your interest burden, as opposed to languishing in an everyday account, where it may earn less than 1% in interest.

Having multiple offset accounts can be helpful, but there are pitfalls to this strategy to consider. Moreover, every lender’s offset features and fee structures will be unique.

If you put $8,000 in the offset account on day one and day 31 then use a credit card to cover those costs, you owe $600,000 minus $58,000 for the first 30 days with a daily interest calculation of ...