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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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Product Name | Bank Australia Mortgage Offset Account |
---|---|
Monthly account fee | $8 |
Card access | Visa |
ATM Withdrawal Fee | $0 |
International transaction fee | 3% |
Monthly deposit required to waive account fee | N/A |
Contactless Payments | Google Pay, Apple Pay, Samsung Pay |
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.
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.