A transaction account that is linked to a mortgage account. It
reduces your interest payable as interest is only charged on the
net balance, i.e. your mortgage balance less your offset account
A contract between two parties that gives the buyer/seller the
right, but not the obligation, to buy/sell an asset, at a set price, on or before a
specific future date.
An arrangement that allows you to withdraw more funds than you
have in your account.
When the limit on a credit card or bank account (including any
overdraft facility) has been exceeded.
Last updated: 03 Jul 2015