Bank Australia Mortgage Offset
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.
Account keeping fee
ATM withdrawal fee
Overseas ATM withdrawal fee
Overseas transaction fee
of transaction value
|Product Name||Bank Australia Mortgage Offset Account|
|Monthly account fee||$8|
|ATM Withdrawal Fee||$0|
|International ATM Fee||$3.50 + 3%|
|International transaction fee||3%|
|Monthly deposit required to waive account fee||N/A|
|Contactless Payments||Google Pay, Apple Pay, Samsung Pay|
Alison Banney is the banking and investments editor at Finder. She has written about finance for more than 8 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.
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.
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.
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.
Get your salary or other regular income paid right into your offset account by setting up a direct credit arrangement.
Pay your recurring payments from your Mortgage Offset account like you would from a transaction account or savings account.
How to applyTo 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.
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.