BDCU Alliance Bank Home Loan Offset
Reduce your home loan interest payments and take advantage of no monthly fees with a BDCU Alliance Bank Home Loan Offset Account.
If you’re looking for a way to minimise the interest payments on a home or investment loan, a mortgage offset account could be the perfect solution. The BDCU Alliance Bank Home Loan Offset Account is a transaction account that offers all the features you’d expect from an everyday account, including no ongoing fees and a number of easy access options.
Account keeping fee
ATM withdrawal fee
Overseas ATM withdrawal fee
Overseas transaction fee
of transaction value
|Product Name||BDCU Alliance Bank Home Loan Offset Account|
|Monthly account fee||$0|
|ATM Withdrawal Fee||$0|
|International ATM Fee||$5 + 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.
This account is suited to customers who have a home loan with BDCU alliance Bank. It acts as a 100% offset account, offsetting the interest payable on a home or investment loan. The account can be linked to three different home loans offered by BDCU Alliance Bank, allowing you to save money and pay off your loan sooner.
As an added benefit, there's no monthly account keeping fee charged. The account comes with debit card access, so you can use it as your day-to-day transaction account while it's also offsetting your home loan interest at the same time.
100% offset account
The BDCU Alliance Bank Home Loan Offset is an everyday account that offers fee-free everyday banking as well as the flexibility to use your account balance to offset the amount owing on your home loan. For example, if you have a home loan of $500,000 but a balance of $20,000 in your offset account, you will only have to pay interest on $480,000 instead of the full loan amount.
Eligible home loans
The BDCU Alliance Bank Home Loan Offset can be attached to the following home loans offered by BDCU: Standard Variable Home Loan (Owner Occupied or Residential Investment), Interest Only Variable Home Loan (Owner Occupied or Residential Investment) and Residential Investment Variable Home Loan.
No monthly fees
There are no monthly transaction fees attached to this account so you don't need to worry about hidden charges eating into your savings.
No minimum account balance
The BDCU Alliance Bank Home Loan Offset does not have any minimum opening or ongoing balance requirements, allowing you to withdraw money without having to worry about keeping your balance at a certain level.
The funds in your account are available at-call, which means you can access your money at any time.
Eligible fee-free transactions
There are no fees attached to a wide range of transactions on this account, including internet and phone banking transfers, branch deposits and withdrawals, cheque transactions and rediATM withdrawals.
How to applyIf you'd like to reduce the interest payable on your home or investment loan with a BDCU Alliance Bank Home Loan Offset, click on one of the "Apply Now" links on this page. You will be redirected to the BDCU Alliance Bank website where you can read the full terms and conditions of the account and also find out how to apply.
Before you apply for a BDCU Alliance Bank Home Loan Offset, check whether you meet the following eligibility criteria:
- Age requirements. You must be at least 18 years of age to open a BDCU Alliance Bank Home Loan Offset.
- Residency requirements. You need to be an Australian resident to apply.
- Loan requirements. You will need to have a Standard Variable Home Loan (Owner Occupied or Residential Investment), Interest Only Variable Home Loan (Owner Occupied or Residential Investment) or Residential Investment Variable Home Loan. HomeSMART members that have one of the above loans are also eligible to have their loan linked to an offset account.
If you want a convenient everyday banking account that also allows you to minimise the interest payments on your home or investment loan, the BDCU Alliance Bank Home Loan Offset is worth a look. Compare it with other offset account options before deciding whether it's the right fit for you.
If you don't already have an account with BDCU Alliance Bank, you'll need to verify your identity before you can open one. You can provide a current Australian passport or driver's licence to satisfy this ID requirement, but other forms of ID are also acceptable if required. Contact the bank for more details.
There are three ways you can apply for a Home Loan Offset Account with BDCU Alliance Bank:
- Download a form. Application forms are available for download from the bank's website. You can submit your completed form by post or fax, or simply drop it in at your nearest Advice Centre.
- Visit an Advice Centre. You can visit your nearest BDCU Alliance Bank branch to apply for an account in person.
- Apply over the phone. The third option is to call BDCU Alliance Bank and be guided through the application process one step at a time.