Charlatan
Mortgages is what I do
If you are on a variable loan with the ability to make additional payments without penalty at 3.82% you are on a reasonable deal
There is no point taking an Offset if the rate on that product is 1.5% higher - you won't make any savings
That said - it's strange that your bank has such a rate discrepancy - most banks would offer a pro pack with Offset at around that rate - including STG
Regarding your original question - does it make much difference to pay daily rather than weekly
In short - no it doesn't. It does make a very slight difference, but not that you'd notice
With mortgages, pay extra and try not to draw it back
On a $500,000 mortgage @ 3.82% (over 30 years) the monthly payment = $2,335.50 per month
Over a year this makes your repayments $28,026
Banks often (not all, but most) calculate their weekly repayment by dividing the monthly amount by 4
2,335.50 / 4 = $583.86 x 52 = $30,361.50
$30,000 is MORE than $28,000 - just making that change from monthly to weekly repayments reduces the loan term by 4 years from 30 years to 26 years - but remember it's not the frequency itself which is benefiting you, its the fact you are paying MORE
If you divide $30,361.50 by 12 you get $2,530 per month
PAY THAT AMOUNT MONTHLY AND YOU REDUCE YOUR LOAN FROM 30 YEARS TO 26 YEARS
In other words, the frequency makes f**k all difference - it's simply the additional repayment which makes the difference. There is a slight interest benefit to weekly - over a 25 year loan, it equals about 2 weeks repayments. In other words, two tenths of f**k all.
Where OFFSET differs, is that the money in your bank account reduces the interest on your mortgage.
If you run your bank account with $40,000 in it, this would save you $125 a month in interest
If your bank account runs with $3,000 a month in it, this saves you around $9.50
So the Offset benefit really depends on how much you have in your bank account
But in all honesty, if you had $40,000 in your bank account, you could pay the majority of that off your loan and save yourself the interest anyway
In other words, Offset is only really beneficial if you get it for no additional cost