Make your money work smarter. An offset account reduces the interest you pay on your eligible1 home loan.
Reduce the amount of interest you pay on your home loan
Key features of an offset facility.
The offset facility is available using our Everyday account.
01
Full offset on variable home loan or partial offset on fixed home loan
02
Deposit your salary and make the most of your daily balance
03
Non interest earning account means non-taxable
04
Maintain all the flexibility of a transaction account
05
No minimum balance to start offsetting
06
Manage your money with multiple offset facilities to separate your funds
07
Monthly offset fee waived on selected Home Loans2
08
Check potential savings (full offset) using our home loan calculator (select: extra repayments)
Home loan calculators
Use our range of calculators to help understand your borrowing power.
How an offset facility works
An offset account is used to reduce (or offset) the amount of interest you pay on your home loan. We offer an offset account in connection with most of our home loans1
Our variable home loans may entitle you to a full offset account, where our fixed home loans may entitle you to a partial offset account
The balance of the offset account is calculated daily. The home loan interest calculation works as follows:
Full offset
In calculating the interest payable on your loan account, your loan account balance is fully offset by the balance of your linked Everyday Account.
This means that you only pay interest on the difference between your loan balance and your offset account balance (your linked Everyday Account).
Partial offset
The balance of your linked Everyday Account helps to determine the interest payable on your home loan.
A portion of your home loan account that is equal to the balance of your linked Everyday Account is charged interest at a reduced rate (currently 3.62% p.a.), while the remaining balance of your home loan account is charged at the regular (full) home loan rate.
How to apply or find out more
Online
Apply online for an Everyday Account
Call us
Call 1300 236 344 or you can request a call from us
At a branch
Find your nearest Bendigo Branch
Full vs Partial
The example below helps demonstrate the difference between full and partial offset.
Loan amount is $300,000.
Loan interest rate: 5.00%
Partial offset rate: 3.62% p.a.
Offset account balance: $10,000
Full offset
Discount offset loan rate: 0%
Interest charged first year (no offset): $300,000 x 5.00% = $15,000
Interest charged first year (with full offset): ($300,000 - $10,000) x 5.00% = ($290,000 x 5.00% = $14,500
$15,000 - $14,500 = $500
Interest saved with full offset over year = $500
Partial offset
Discounted offset loan rate: 3.62% p.a.
Interest charged first year (no offset): $300,000 x 5.00% = $15,000
Interest charged first year (with partial offset): ($10,000 x 3.82%) + $290,000 x 5.00%) = $382 + $14,500 = $14,882
$15,000 - $14,882 = $118
Interest saved with partial offset over year = $118
Home loan selector
Once you have read through the products below, you can contact one of our business specialists about theses solutions by completeing this form to contact us and we will discuss your product and advice options with you in more details.
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Great reasons to choose us
Competitive home loan interest rates
Rewarding packaged loans
1.7 million customers in over 500 communities Australia wide
Top 70 ASX listed company
Offset Account features
All in one transaction account designed to easily manage your money
No account monthly service fee while you have a home loan with us
Unlimited EFTPOS, e-banking transactions or cash transactions at Bendigo ATMs or branches within Australia
Access your money with a Debit Mastercard®
Access to e-statements
How to apply for an account
Over 16 years of age
Drivers licence or passport
Australian citizen or resident
5 minutes of your time
Home loan calculators
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Additional information
1. Not available on Basic or Home Equity Line of Credit loans. Full details available in our Bendigo personal accounts and facilities terms and conditions
2. Full Offset monthly fee waived for Connect Package Home Loans and Bendigo Express Home Loans. Partial offsets do not incur a monthly fee.
3. This is an example for illustrative purposes only and may not represent actual interest rates.
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