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NAB has announced a new feature that will allow brokers to assist home owners in saving hundreds of dollars annually on their mortgage interest by offsetting their loans across up to 10 different accounts.
The demand for offset accounts has surged since the pandemic, with around 70 per cent of new home owners now opting to offset their loans. As a result, the total balance of offset accounts has grown by 65 per cent to reach $48 billion.
This marks the second major bank this month to launch a multiple offset feature. Last week (17 February), Westpac also revealed multiple offset accounts following a similar surge in demand, with Westpac seeing a 37 per cent increase in offset accounts opened over the last five years.
NAB’s executive, broker distribution, Adam Brown, said that the introduction of multiple offsets was in response to both broker and customer feedback.
This new option will enhance home owners’ ability to manage their savings and provide brokers with a fresh tool to add value to customer discussions.
“Multiple offsets support the popular ‘bucketing’ strategy that many customers use to manage their savings and ease cost of living pressures,” Brown said.
“Customers who like to distribute funds across several accounts will no longer need to make a sacrifice between bucketing their savings and having it all in one account doing the heavy lifting on interest.
“They’re perfect for customers who are looking to make every dollar count.”
The new feature, available via the NAB app, allows customers to restructure their current accounts into multiple offset accounts. Customers can also view how much they are saving on interest over the life of the loan.
“Brokers are always there to guide customers to get great outcomes when it comes to home lending. Having multiple offset accounts provides more options for customers to manage their money and benefit from their saving habits,” Brown said.
With multiple offset accounts linked to their Tailored Home Loan, customers can now better budget for different goals, such as allocating funds for specific purposes like bills, holidays, emergency savings, or major purchases, making it easier to track progress and stay on top of financial targets.
They can also keep money for regular expenses, like groceries and utilities, separate from long-term savings, helping avoid overspending and better manage cash flow.
Additionally, customers can save for both short and long-term needs, setting aside funds for immediate priorities while also planning for future goals, such as education, home renovations, or retirement.
[RELATED: Westpac updates offset accounts policy]
