100 per cent offset account is designed to help you to finalize your home loan quicker. The offset account is linked to your home loan account. With an offset account, the interest is charged base on the difference between the balance owing on your home loan and the balance that you have in your offset account.
The offset account can be used as a transaction account. Debit card, cheque book and internet banking are also given for you to use for daily expense.
The more money that you put in the offset account, the less interest you pay on your home loan.