Bank of Queensland Mortgage Offset Account

Bank of Queensland Mortgage Offset Account

Maximum Variable Rate

0.00

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.

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.
  • 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.
  • On call access. Withdraw money from your offset account when you need it. Over the counter withdrawals are available at Bank of Queensland branches and Australia Post retail outlets. Withdraw cash from ATMs using the Bank of Queensland EFTPOS card as well as make over the counter purchases at shops.
  • Direct debits. Arrange direct debit agreements to make recurring payments to creditors such as utility service providers from the Mortgage Offset Account.
  • Direct credits. 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.
  • Internet banking. Register for internet banking to view your mortgage offset account and home loan balance and make payments to other accounts.
  • BPAY. Make BPAY payments to billers from your offset account via the Bank of Queensland internet banking facility.
  • Linked loans. The Mortgage Offset Account can not be linked to a Bank of Queensland self managed super fund loan. Only one offset account linked to each Bank of Queensland home loan. See the ‘How do you apply for the Bank of Queensland Mortgage Offset Account’ section of this page for a list of Bank of Queensland loans that offer an offset facility.
  • 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

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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