Bank Australia Mortgage Offset Account

Bank Australia Mortgage Offset Account

Maximum Variable Rate

0.00

Account Keeping Fee

8

Interest saved is better than interest earned, the Bank Australia Mortgage Offset account is the perfect partner for a Bank Australia Premium Home Loan.

  • Entire balance in your account is offset against your home loan balance
  • Linked Visa debit card

Product details

The Australia Bank Mortgage Offset can help you pay your Bank Australia Premium Home Loan sooner. Offset accounts are a holding account attached to your mortgage. Any money in your offset reduces the principle size of your home loan balance so you pay less in interest charges.

Product Name
Bank Australia Mortgage Offset Account
Monthly Account Fee
$8
Debit Card Access
Visa
ATM Withdrawal Fee
$1.50
Details
A monthly fee applies with unlimited transactions.

What are the features of the Bank Australia Mortgage Offset account?

  • 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. These cards can also be used to make over the counter purchases at merchant EFTPOS terminals. Access the funds in the Bank Australia Mortgage Offset by making over the counter withdrawals at Bank Australia offices and branches or Australia Post retail outlets via Bank@Post. You may need to provide photo identification to make an over the counter withdrawals from your account. You can also transfer funds to another account and make BPAY payments via internet and telephone banking.
  • Internet and telephone banking. The internet and phone banking facilities let you make payments to other accounts using BPAY, you can also set up direct debits from your offset account. Online and telephone banking also allow you to monitor your account balance. Your offset account and mortgage account can be viewed and managed side by side when you register for Bank Australia internet banking. You can access online banking from your smartphone, tablet or computer 24 hours a day 7 days a week.
  • Hub. The Bank Australia Mortgage Offset account can be used as a cash hub for your incoming and outgoing payments so you can always maintain the most money in this account and save on your mortgage interest repayments.
  • Direct credit. Get your salary or other regular income paid right into your offset account by setting up a direct credit arrangement.
  • Direct debit. Pay your recurring payments from your Mortgage Offset account like you would from a transaction account or savings account.

Pros

  • Entire balance in your account is offset against your home loan balance
  • Linked Visa debit card

Cons

  • Monthly fee applies

How do I apply for the Bank Australia Mortgage Offset?

Click apply to be redirected to the Bank Australia website and 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.

If you don’t have a home loan from Bank Australia, you can start the application process for a mortgage by filling out the online enquiry form. You’ll need to provide some basic contact information such as your name, date of birth, residential address, email and you best contact number so Bank Australia can all you back to make a time to discuss your loan options. A Bank Australia representative will be in touch within one business day once you submit the form.

Back to top Back to top Back to top

Ask a Question

You are about to post a question on finder.com.au

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At finder.com.au we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the finder.com.au privacy policy, receive follow up emails related to finder.com.au and to create a user account where further replies to your questions will be sent.

Ask a question
feedback