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
  • Calculated on a daily basis, the interest on the balance in your Everyday Account will be calculated at your home loan rate (or partial offset rate) and used to offset the interest payable on your linked home loan account.
  • The higher the balance in your Everyday Account, the less interest you pay on your home loan and the quicker you pay out your mortgage!
Features & benefits
  • Full offset on variable home loan or partial offset on fixed home loan
  • Deposit your salary and make the most of your daily balance offsetting against your home loan
  • Non interest earning account means non-taxable
  • Maintain all the flexibility of a transaction account
  • No minimum balance to start offsetting
  • Manage your money your way by having multiple offset facilities to separate your funds
  • No monthly service fee for a partial offset
  • No monthly service fee for a full offset if linked to a Connect Package Loan
  • Current partial offset interest is 3.82% p.a.
  • Where the balance of your Everyday Account exceeds your home loan balance, your daily Everyday Account balance will be deemed equal to that of your home loan for offsetting purposes
How to apply
  • For existing Home Loan customers, Call 1300 236 344 or visit your local branch
  • For new customers this can be established once your home loan has been settled

Partial Offset calculation example

Loan amount:$200,000 
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.