In this guide

  • Our verdict
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Your reviews
  • Ask a question
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Bank Australia Mortgage Offset

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Bank Australia Mortgage Offset Account
Account keeping fee
$0
ATM withdrawal fee
$0
Overseas ATM withdrawal fee
$3.5
Overseas transaction fee of transaction value
3%

Our verdict

The Bank Australia Mortgage Offset account is the perfect partner for a Bank Australia Premium Home Loan.

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If you’ve got a Premium Home Loan with Bank Australia, the Mortgage Offset Account is a 100% offset account that can save you money in interest on your loan.

As well as being used to offset the interest charged on your home loan, you can also access the money in the account for day-to-day spending if needed. You’ll get a linked Visa Debit Card which you can use to make purchases and withdraw cash at ATMs. This makes the account similar to an everyday transaction account, with the added benefits of offsetting your loan.

Pros

  • Entire balance in your account is offset against your home loan balance
  • Linked Visa debit card
  • No account keeping fees

Cons

  • Fees apply if using the account overseas

In this guide

  • Our verdict
  • Details
    • Key details
    • Eligibility
  • Key features
  • How to apply
  • Your reviews
  • Ask a question

Details

Key details

Product Name Bank Australia Mortgage Offset Account
Monthly account fee $0
Card access Visa
Own network ATM fee $0
International ATM Fee $3.50 + 3%
International transaction fee 3%
Monthly deposit required to waive account fee N/A
Contactless Payments Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, Garmin Pay

Eligibility

Minimum Age 18
Joint account availability No
Minimum opening deposit N/A
Residency status Permanent Australian residents with an Australian address

Key features

Offset your mortgage interest

The Bank Australia Mortgage Offset account provides a 100% offset facility against Bank Australia Premium Home Loans. The funds held in your Mortgage Offset account reduce the interest you pay on your linked Bank Australia Premium Home Loan.

The offset balance is deducted from the home loan principle before interest is calculated on your mortgage. This lowers your home loan repayments and puts more money in your pocket so you can repay your loan quicker.

Account access

You can withdraw the funds in your mortgage offset account at rediATMs for free using the supplied Visa Debit Card or rediCARD PLUS, as well as at all major bank ATMs. You can also use the card to make purchases in store and online.

If you need cash from the account, you can make over the counter withdrawals at Bank Australia offices and branches or Australia Post retail outlets via Bank@Post. You can also transfer funds to another account and make BPAY payments via internet and telephone banking.


How to apply

To apply visit the Bank Australia website and start a secure online form where you can make an enquiry for the Bank Australia Mortgage Offset account.
To be eligible for the Bank Australia Mortgage Offset, you need to already have a Premium Home Loan Package. This account is an extension of your home loan. If you're already a Bank Australia customer, you can apply for this offset account via internet banking.

Eligibility

Basic eligibility requirements include: You need to be over the age of 18 and you must be a permanent Australian resident and you must link the Bank Australia Mortgage Offset with a Bank Australia Premium Package Home Loan.

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Alison Finder

Editor

Hi there, looking for more information? Ask us a question.

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Citadel

May 31, 2018

Hi, what will happen to my offset account when I close my homeloan?


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Nikki Angco

May 31, 2018

Hi Citadel,


We’ve read your message, Thanks!


When your home loan ends, your offset account will also be closed as well.


Hope this helps.


Regards,

Nikki


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