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 Mortgage 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.
It offers the added bonus of 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.
What are the features of the BDCU Alliance Bank Mortgage Offset Account?
100% offset account
The BDCU Alliance Bank Mortgage Offset Account 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 Mortgage Offset Account 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 Mortgage Offset Account 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.
- 100% offset account
- $0 account keeping fees
- Account available at call
- 24/7 Internet and phone banking
- You do not earn interest on this account
- You must have a loan with BDCU
What you’ll need to know before applying
If you’d like to reduce the interest payable on your home or investment loan with a BDCU Alliance Bank Mortgage Offset Account, 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.
There are three ways you can apply for a Mortgage 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.
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.
Before you apply for a BDCU Alliance Bank Mortgage Offset Account, 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 Mortgage Offset Account.
- 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 Mortgage Offset Account is worth a look. Compare it with other offset account options before deciding whether it’s the right fit for you.