Bank of Queensland Mortgage Offset Account

Bank of Queensland Mortgage Offset Account

Fee Free Deposit

0

Account Keeping Fee

0

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

  • 100% offset against BOQ home loan
  • Funds available at call
  • Free internet Banking and phone banking

Product details

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.

Product Name
Bank of Queensland Mortgage Offset Account
Monthly Account Fee
$0
Debit Card Access
Visa
ATM Withdrawal Fee
$0
Details
No monthly fee though a fee applies per month for a linked Visa debit card. Use for all BOQ ATMs.
Fee Free Deposit p.m.
$0
Phone Banking
Yes
Fees
$0
Internet Banking
Yes

What are the features of the Bank of Queensland Mortgage Offset Account?

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.

Withdraw money from your offset account when you need it.

Enjoy at-call access with over-the-counter withdrawals, available at Bank of Queensland branches and Australia Post retail outlets. Withdraw cash from ATMs using the Bank of Queensland EFTPOS card and make over the counter purchases at shops.

Set up direct debit payments

Arrange direct debit agreements to make recurring payments to creditors such as utility service providers from the Mortgage Offset Account.

Direct credits available

Direct credits are available so your employer and debtors can deposit funds into this account so you can always maintain the highest balance in your offset account.

Manage your mortgage offset account and home loan online

Register for internet banking to view your mortgage offset account and home loan balance and make payments to other accounts.

Pay for bills with ease using BPAY

Make BPAY payments to billers from your offset account via the Bank of Queensland internet banking facility.

Linked home loans available

Only one offset account can be linked to each Bank of Queensland home loan. See the ‘How to apply?' section for a list of Bank of Queensland home loans that offer an offset facility. Please note, the Mortgage Offset Account can not be linked to a Bank of Queensland self managed super fund loan.

Closing the account

The Mortgage Offset Account will be closed by the Bank of Queensland if your mortgage account is closed, your housing loan is transferred to an ineligible housing loan or you close the offset account by contacting the bank.

Pros

  • 100% offset against BOQ home loan
  • Funds available at call
  • Free internet Banking and phone banking

Cons

  • Needs to be linked to a BOQ home loan

How do I apply for the Bank of Queensland Mortgage Offset Account?

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 to apply

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.

You can attach a mortgage offset account to the following Bank of Queensland home loans:

  • Clear Path Variable Rate Home Loan,
  • Standard Variable Rate Home Loan,
  • Home Loan Privileges Package (Standard Variable Rate and 1 Year Fixed Rate)
  • 1 Year Fixed Rate Home Loans.

Minimum deposit 

You can open the Bank of Queensland Mortgage Offset Account with as little as $1.

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.

2 Responses to Bank of Queensland Mortgage Offset Account

  1. Default Gravatar
    Greg | 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

    • Staff
      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

Ask a question
feedback