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Bank Australia Mortgage Offset

Green Company
Alison Banney
Alison Banney
Last updated:  

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

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.

$8

Account keeping fee

$0

ATM withdrawal fee

3%

Overseas transaction fee

of transaction value

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Details

Product NameBank Australia Mortgage Offset Account
Monthly account fee$8
Card accessVisa
ATM Withdrawal Fee$0
International transaction fee3%
Monthly deposit required to waive account feeN/A
Contactless paymentsGoogle Pay, Apple Pay, Samsung Pay

Expert review

Alison Banney

Review by

Alison Banney is the banking and investments editor at Finder. She has written about finance for over six years with her work featured on sites including Yahoo Finance, Money Magazine and Dynamic Business.

Expert review

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.

There is a $8 monthly account keeping fee. While this fee is higher than most transaction accounts, you can potentially save yourself thousands of dollars in interest payments.

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. 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.

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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2 Comments

    Default Gravatar
    Citadel
    May 31, 2018

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

    Reply
      Default Gravatar
      Nikki
      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

      Reply
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