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Bank of Queensland Mortgage Offset Account

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

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.

$0

Account keeping fee

$0

ATM withdrawal fee

3%

Overseas transaction fee

of transaction value

Details

Product NameBank of Queensland Mortgage Offset Account
Monthly account fee$0
Card accessVisa
ATM Withdrawal Fee$0
International transaction fee3%
Monthly deposit required to waive account feeN/A

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 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.

Key features

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.

Eligibility

  • 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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3 Comments

  1. Avatarfinder Customer Care
    May
    March 28, 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 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 on this page.

    Hope this helps.

    Cheers,
    May

  2. Default Gravatar
    Gregory
    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 ?

    Regards

    • Default Gravatar
      Jodie
      January 19, 2017

      Hi Greg,

      Thank you for contacting finder.com.au we are a financial comparison and general information service, we don’t have direct affiliation with any providers on our site.

      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 Bank of Queensland directly to discuss further.

      Regards
      Jodie

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