Worst offset account ever
The CBA MISA account is the worst offset account I have ever used. It's not 100% transactional - you cannot direct debit from this account and every single time you make a withdrawal it has to be more than $500. I cannot believe that I am paying $375 package fee for a product like that. So disappointed
Best thing since sliced bread. You can plonk your wages, dividends, etc into MISA and use that to offset the balance of your mortgage. Then, use your credit card to pay for day-to-day items. The longer you can keep a maximised balance in MISA, the less interest you pay, taking 10 years off a mortgage, according to the calculations on our $384k loan.
You might pay a fee for the facility, but it's negligible compared to what you can save! If you get a home loan, MISA is a definate must-have!
Good way to improve cash flow, monitor your cash/debt situation and benefit from non-assessable interest and reduced interest.
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