Your Offset Facility
If you have a personal transaction account or wish to open one with us, why not add an offset facility and make your money work harder for you. An Everyday Account with an offset facility helps you reduce the interest against your linked home loan.
|How it works|
|Features & benefits|
|How to apply|
Partial Offset calculation example
|Loan interest rate:||7.00%|
|Discounted offset loan rate:||5.25% |
(For illustrative purposes – current partial offset rate set above)
|Everyday Account balance||$10,000|
|Interest charged after 5 years||$68,010|
|Interest charged after 5 years (full offset)||$63,923||$4,087 savings|
|Interest charged after 5 years (partial offset)||$67,055||$955 savings|
* To simplify this illustration, initial or ongoing loan costs are not taken into account and it is assumed that the balance of the Everyday Account, the loan interest rate and the discounted loan interest rate will remain the same over the 30 year life of the loan. The interest rates quoted are for illustrative purposes only and are not intended to imply an interest rate for any current or future loan product. The discounted offset loan rate and the variable rate used to calculate interest on your loan account may be varied at the discretion of the Bank.
This information does not take your personal objectives, financial situations or needs into account. You should consider its appropriateness to your circumstances before acting on this information. Please read the disclosure documents for your selected product or service, including the Terms and Conditions, before deciding. Please also review our Financial Services Guide (FSG) before accessing information on this website. Information on this page can change without notice to you.