Key features of an offset facility

The offset facility is available using our Everyday account.

  1. Full offset on variable home loan or partial offset on fixed home loan

  2. Deposit your salary and make the most of your daily balance

  3. Non interest earning account means non-taxable

  4. Maintain all the flexibility of a transaction account

  5. No minimum balance to start offsetting

  6. Manage your money with multiple offset facilities to separate your funds

  7. Monthly offset fee waived on selected Home Loans*

  8. Check potential savings (full offset) using our home loan calculator (select: extra repayments)

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 offest account in connection with most of our home loans*
  • 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 is used to calculate the interest payable on your loan account.

An amount equal to the balance of your linked Everyday Account is charged at a discounted interest rate, currently 3.82% p.a., while the remaining loan balance is charged at the applicable home loan interest rate.

How to apply or find more

Online

Apply online for an Everyday Account

APPLY NOW

Call 1300 236 344

Or you can request a call from us

REQUEST A CALL

At a branch

Find your nearest Bendigo Branch

FIND A BRANCH

Example#

Loan amount:  $300,000

Loan interest rate:  5.00%

Partial offset rate:  3.82% 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: 3.82% 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

When it comes to choosing the right home loan, everyone has different needs. Our home loan selector will help you find the loans that best suit your situation and compare their features.

I am looking to...?

Our products…
Connect package

Our Connect Package is designed to save you interest.

More product details 3 in 1 Calculator
Basic home loan

Our Basic Home Loan is a low-cost, easy-to-understand home loan with flexible terms for interest and repayments.

More product details 3 in 1 Calculator
Green home loan

Our Green Home Loan rewards you for renovating or building in a sustainable way, with discounts on interest rates for those who meet our green criteria.

More product details 3 in 1 Calculator
Our products…
Connect package

Our Connect Package is designed to save you interest.

More product details 3 in 1 Calculator
Basic home loan

Our Basic Home Loan is a low-cost, easy-to-understand home loan with flexible terms for interest and repayments.

More product details 3 in 1 Calculator
Home Equity Loan

Upgrade your home with access to a flexible line of credit

More product details 3 in 1 Calculator
Green home loan

Our Green Home Loan rewards you for renovating or building in a sustainable way, with discounts on interest rates for those who meet our green criteria.

More product details 3 in 1 Calculator
Our products…
Connect package

Our Connect Package is designed to save you interest.

More product details 3 in 1 Calculator
Basic home loan

Our Basic Home Loan is a low-cost, easy-to-understand home loan with flexible terms for interest and repayments.

More product details 3 in 1 Calculator
Our products…
Connect package

Our Connect Package is designed to save you interest.

More product details 3 in 1 Calculator
Basic home loan

Our Basic Home Loan is a low-cost, easy-to-understand home loan with flexible terms for interest and repayments.

More product details 3 in 1 Calculator

Great reasons to choose us

  • Competitive home loan interest rates
  • Rewarding packaged loans
  • 1.6 million customers in over 500 communities Australia wide
  • Top 70 ASX listed company

Everyday 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®
  • Offset facility available
  • 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

# This is an example for illustrative purposes only and may not represent actual interest rates.

* Not available on Basic or Home Equity Line of Credit loans. Full details available in our Bendigo personal accounts and facilities terms and conditions

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.

Mastercard and Priceless are registered trademarks and the circles design and Tap & Go are trademarks of Mastercard International Incorporated.