Big bank follows competitor with $110,000 home loan change: ‘Secret weapon’
NAB has joined in Westpac in announcing customers can open up to 10 offset accounts linked to their mortgage, allowing them to save money and pay off their loan quicker. The two major banks said the move will take savings "to the next level" for homeowners. Offset accounts are everyday bank accounts linked to a home loan, which can help individuals save interest and potentially pay off their loan quicker.
- By expanding this option, NAB and Westpac may be inadvertently empowering consumers to become more financially savvy, taking control of their expenses and budgets.
- How will the proliferation of multiple offset accounts impact traditional banking models, where customers are often locked into a single account for their mortgage?