Have you ever wondered exactly how much your offset accounts are saving you? Well, if you have, you’re not alone.
A few weeks ago, we introduced the Offset Tracker Trendline, which received a lot of positive interaction from our users (thank you so much!). Now, we’re excited to announce an upgrade to this tool: the Offset Benefit Insight! This new widget available on the Moorr webapp platform does all the calculations for you and provides a clear picture of how much your offset account is saving you in interest.
How the Offset Benefit Insight Works
Every dollar in your offset account works hard to reduce the interest on your loan. While the calculation is straightforward, many people struggle to visualise the total savings their offset is generating. That’s why we’ve introduced the Offset Benefit widget. With this tool, you can see exactly how much money you’re saving—simple and clear!
Setting Up the Offset Benefit Widget
To get started with this insightful tool, you need to ensure that your offset account is correctly linked to your loan within the Moorr platform. Watch the demo video above or here’s a step by step instruction:
- Link Your Offset Account: Within your loan card on the Moorr app, link your offset account to your loan. It’s crucial to ensure that the linkage date is accurate to reflect your savings correctly.
- Verify the Interest Rate: Double-check the interest rate associated with your loan. In our example, the interest rate was updated to 6.5%. This accuracy ensures that the Offset Benefit widget calculates your savings correctly.
- Update and Review: Once your data is accurate, revisit the Offset Benefit widget to see the updated savings. For instance, after updating the interest rate, the expected interest savings increased to $223 monthly and $2,600 annually.
Where to find this widget?
This insight is only available on our webapp at the moment and we’ve made really accessible on a few places!
- On your Loan Cards: In each of your loan cards that has a linked offset account, you’ll see an “Insights” tab. This insight shows you the sum of all offsets combined.
- On your Offset Account Cards: Similarly, you’ll also see an “Insights” tab here but in here, you’ll see the offset benefit for only the amount in that offset.
For example, if you have 2 offsets on the one loan, the loan card will show you the sum of both offsets on the loan. And if you only look at one of the offset account cards, you will see that individual benefit.
See Your Savings in Action
The Offset Benefit widget is all about making the unseen visible. It transforms the abstract concept of interest savings into concrete figures that you can easily understand and track. By logging into your Moorr account, you can immediately see how much money your offset account is saving you.
Log in to Moorr today and explore the new Offset Benefit widget. Discover how every dollar in your offset account is helping you save more, and take control of your financial future with clear, actionable insights.
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