Should I keep all my pay in an offset account or move it as needed?

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wikirealjames83

New Member
Hi, I’m looking for some advice. I recently bought my first home with my partner, and the mortgage is about $585k. I’m still trying to understand how it all works. At the moment, I put most of my pay into my offset account each pay cylce. Should I put all of it in there and then take it out as I need? Do you run separate accounts for bills and so on? Any advice would be greatly appreciated.

Also, I’m interested in starting to invest some spare income. I’m on a very good wicket at work, earning $300k–$320k a year, and I’d like to set some aside each week to invest. I have no idea where to start. Thanks.
 
If you can control your spending, just dump it all in your offset until you've got enough to cover the whole mortgage, so you're not paying any interest

After that, invest

Everyone's gonna say investing returns can be higher than your mortgage interest, but investing carries risk… reducing your mortgage interest is GUARANTEED
 
I mean, CBA actually lets you nominate which account(s) you want to set as offset. In my case I've got three accounts: one where wages roll in, one where all the bill money gets pooled together and all the direct debits/bills are paid from, and one savings account. Now get this all three are set up as offsets of the mortgage account. So no matter where money comes out from, I've got clear transparency on the budget, yet all accounts contribute to offset.
 
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