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Home Loan Offset

An account that allows the interest earned to be netted off from the monthly interest payable on your home loan.

Home Loan Offset

Home Loan Offset Account

Our Home Loan Offset account can offset the balance of your home loan, helping you save thousands of dollars in interest and cutting years off the term of your home loan.

The Home Loan Offset account i
s a daily transaction or savings account that can be linked to a Standard Variable Rate or an introductory rate loan that reverts to the Standard Variable Rate. Any deposits to the account, such as your salary or other income, will offset the loan balance while allowing you easy access to your money.


The Loan Offset Account combines the convenience of an On Call Savings account with 100% offset of the balance against a Standard Variable Rate Home Loan with the following features:

  • Full (100%) offset, which means that interest is not charged on the part of the home loan balance equal to the balance of the Loan Offset Account
  • No minimum balance.
  • All your day-to-day banking and transaction requirements
  • Funds are at call

This account is a transactional account, used in conjunction with the L1 Home Loan and the L2 Investment Home Loan. The credit funds held in the S40 Loan Offset account, up to the equivalent amount of the loan balance, will attract the current interest rate for the loan product it is linked to, which will then offset against the interest payable on the loan balance. Any credit balance in the Offset Account in excess of the loan balance, or when the loan is repaid, will not be paid credit interest.

Download our Deposit Interest Rate Schedule here

Transaction type   Cost
Personal Cheque Processing  

Per cheque

Over-the-Counter Deposits    
  S21 eAccess A/c $0.75
  S3 Business A/c first 2 in any month free, then $0.75
  All other Accounts Nil
Over-the-Counter Cash Withdrawals S21 eAccess A/c   $2.00
  All other accounts first 3 in any month free, then $2.00
Direct Debits Per Transaction $0.40
BPAY Per Transaction $0.40
WAW Internet Banking All transactions (excluding BPAY) Nil
WAW Phone Banking All transactions (excluding BPAY) Nil
VISA Card Usage Fees and charges are calculated on the combined transaction total in any month per membership using VISA Card
Eftpos transactions First 2 transactions in any month Nil
  Subsequent transactions in any month $0.60
rediATM transactions First 3 transactions in any month Nil
  Subsequent transactions in any month $1.00
  Enquiry / Decline $0.60
Non-rediATM Transactions Withdrawals $0.20
  Declined Transactions $0.60
NOTE: Non- rediATM transactions may also attract direct charges levied by the owner of the ATM.

Download our Transaction Fees and Charges Schedule here

How To Apply

If you are interested in opening this transaction account please click on the link below to fill out our online enquiry form with your name, contact details and the product you are interested in. One of our dedicated account staff will contact you to further the application process.

Alternatively, you can contact us on 1300 368 555 and ask to speak to one of our transaction account specialists.

Enquire Now