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.
Bank of Queensland Mortgage Offset Account
- Account keeping fee
- ATM withdrawal fee
- Overseas ATM withdrawal fee
- Overseas transaction fee of transaction value
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.
100% offset against BOQ home loan
Funds available at call
Free internet Banking
Needs to be linked to a BOQ home loan
|Product Name||Bank of Queensland Mortgage Offset Account|
|Monthly account fee||$0|
|Own network ATM fee||$0|
|International ATM Fee||$5 + 3%|
|International transaction fee||3%|
|Monthly deposit required to waive account fee||N/A|
|Contactless Payments||Apple Pay, Google Pay, Samsung Pay|
|Joint account availability||No|
|Minimum opening deposit||$1|
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.
How to applySpeak 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.
- 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.
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March 27, 2018
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 an 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.
Hope this helps.
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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 ?
January 19, 2017
Thank you for contacting Finder!
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 the Bank of Queensland directly to discuss further.
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