Between rising house prices, larger deposits, higher rents and smashed avo, getting into the property market can seem like an impossible feat. But it really doesn't have to be, you just don't know what options you have available.
When you make a mortgage payment, part of that payment goes towards interest and the balance towards paying off the principal. So if you have a $300,000 loan, you are paying interest on $300,000.
Money held in an offset account (a transaction account linked to your home loan) reduced the principal owed when it comes to calculating interest.