“Rather than my bank sending me boring bank statements full of transactional data – all I really want is to track in my Mortgage Balance against my Offset Balance. I wish they could show me that and the progress I’m making!”
Your bank won’t or can’t do it, but Moorr can!
Introducing Mortgage Offset Balance Tracker. It’s one of our latest insight tools we added to Moorr’s webapp. And what does it do? It shows your Mortgage Offset Balance overlayed and being tracked against your Mortgage.
Now, every time you update your mortgage and offset balances – the data calculation magic happens, allowing you to track these changes over time.
Meaning you will immediately see the benefit of:
- Tracking your Offset Balance against your Mortgage
- Hopefully seeing your offset balance increase over time
- The impact the interest you are saving in your falling mortgage balance
- Ultimately paying off your mortgage sooner!!
Friendly Tip: Remember with our historical tracking feature built into Moorr, you will now also be able to input any back dated data that you want to add to further illustrate the progress you are making in getting on top of your mortgage debts.
If you haven’t already discovered the Moorr platform and it’s suite of awesome tools and features, the sign up for free today.
If you are already a fan and using Moorr to help you manage your money and your property, then it’s time to check out this new insight.
Achieve more, with Moorr
Transcript:
Now, did you know the offset account is an Australian banking invention?
Yes, it was created here! And the idea behind it is it allows to have a separate bank account, like a transactional bank account linking to a mortgage account.
So rather than having money going into the mortgage or doing a redraw, you can actually have a separate bank account and the interest is still being saved on a nightly basis based on the balance that you have in the offset against your mortgage.
So of course, wouldn’t it be great if inside the Moorr platform you’re able to actually track not only the loan balance, but also the offset balance on the same chart?
Well, I’m thrilled to introduce to you that’s exactly what you can do! So you are now going to be able to inside Moorr when you connect an offset account card and you link that to the correct mortgage card, the magic happens behind the scenes. And you go into the borrowing card and you’ll see the insight. So that mortgage loan, you’ll basically start to see historical tracking where we’re tracking the offset account against the mortgage balance.
Hopefully over time, as you’re seeing on the chart right now, that your mortgage is coming down and that offset account is going up, which means that you’re ultimately saving a lot more interest. And that’s exactly what we want.
Why are we introducing this new insight?
Because we do know through behavioral science that if you can record and track, it greatly increases your chance of achieving successful outcomes. And that’s what we’re about here at Moorr. We’re about achieving more with Moorr and making sure you hit those goals and live your lifestyle by design. So why not watch this tutorial video prepared by Jade, who’s one of our great product managers here, and you can check it out for yourself and you can learn more about how to set that up.
But wait.. there’s more!
And a little last minute tip from me. Always remember the “As at dates” feature, which allows you to go back in history where you can record all that legacy data. That is also the power that I’m talking about here. So don’t just put the current balance in. If you’ve got all bank statements and all the bank records, you can go enter it in over time and you can see the progress that you’ve been making on that offset account against your mortgage, that’s the encouragement bit.
That’s the behavioral stuff to show that you’re actually making progress and that will help you achieve more goals. So why not check out this brand new tool, which I’m calling effectively the Offset Tracker!
It will allow you to be able to track that information over time. And always remember Moorr is here to help you achieve more.
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