In this guide

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

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Bank of Queensland Mortgage Offset Account
Account keeping fee
ATM withdrawal fee
Overseas ATM withdrawal fee
Overseas transaction fee of transaction value

Our verdict

Save money on mortgage interest with a Bank of Queensland Mortgage Offset Account.

If you’ve got a home loan with Bank of Queensland, you can use this account as an offset account to reduce the amount of money you need to pay interest on. Using an offset account to reduce your interest owed is often a better financial strategy than keeping money sitting in a savings account, because savings interest rates are quite low at the moment.

As well as being used to offset your interest on your home loan, you can also use the account as a transaction account to manage your day-to-day expenses. For example paying utility bills for your property, or receiving rent income from tenants.
If you don’t have a home loan and you’re just looking for an everyday transaction account, take a look at the Bank of Queensland Day2Day Plus Account instead.


  • 100% offset against BOQ home loan
  • Funds available at call
  • Free internet Banking


  • Needs to be linked to a BOQ home loan

In this guide

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

Pay less in interest when you open a Bank of Queensland Mortgage Offset Account. Funds held in the offset account reduce your mortgage balance so less interest is charged and you can pay down the principle balance sooner. You also get on call access to the funds in your offset account incase you need to redraw on your savings.


Key details

Product Name Bank of Queensland Mortgage Offset Account
Monthly account fee $0
Card access Visa
Own network ATM fee $0
International ATM Fee $5 + 3%
International transaction fee 3%
Monthly deposit required to waive account fee N/A
Contactless Payments Apple Pay, Google Pay, Samsung Pay


Joint account availability No
Minimum opening deposit $1
Residency status Have an Australian Residential Address

Key features

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100% offset account

An offset account reduces the balance of your mortgage and your interest charges. The entire offset account balance is subtracted from your mortgage principle. Saving interest on your home loan is more cost effective than earning interest in a savings account. An offset account can help you pay your mortgage off sooner.

$1 minimum balance

Open the Bank of Queensland Mortgage Offset account with just $1. The balance of your offset account is calculated daily by the Bank of Queensland.

How to apply

Speak to your Bank of Queensland home loan advisor to apply for the Mortgage Offset Account. You can also apply for this account over the phone by contacting a Bank of Queensland customer service representative.

You must meet these eligibility requirements to qualify for the Bank of Queensland Mortgage Offset Account.


  • You must be a signatory of the home loan if you wish to open a Bank of Queensland Mortgage Offset Account. You can not apply for this account if you hold a housing loan in the name of a business or a self managed super fund.

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Alison Finder


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May Finder

March 27, 2018

Hi Israr,

Thanks for your inquiry.

If you are switching your existing home loan with BOQ to offset home loan, please contact them directly on how you can go about the process. With regards to the offset account, this is how it works:

Two types of offset account: partial and full, or 100% offset accounts

With an offset account, you will reduce your interest payments on a part of your mortgage where there’s a credit in your offset account. So, instead of paying interest on your full loan, you’ll only have to pay interest on a part of it.

You can learn more about home loans with offset account.

Hope this helps.



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January 16, 2017

with the Bank Of Queensland Offset product can it be against a fixed rate or is it limited to variable rates only ?

If yes can it be against a 3 or 5 years fixed rate ?



Jodie Humphries

January 19, 2017

Hi Greg,

Thank you for contacting Finder!

The Bank of Queensland Offset product can be attached to the fixed rate home loan but is only able to be attached to the 1 year fixed rate.

Please reach out to the Bank of Queensland directly to discuss further.



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