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Offset account

Posted by Tbtb Tbtb
Message 1 of 2 940 Views

Hi there, we have a complete variable homeloan of around $400k with around $35k in our offset account. How can I work out how much interest we are saving per year to evaluate the worth of the offset account? Thanks

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Re: Offset account

Posted by DanaeC DanaeC
Message 2 of 2 936 Views

Hi @Tbtb, thanks for reaching out.


If you have a variable home loan, any amount in your Offset Transaction account will offset the accruing interest by 100%. Therefore, if you have $35K in your Offset account, and owe $400K on the loan, you're paying interest on $365K.


If you'd like a specific calculation done, you can log in to Online Banking and select "Ask Us" via the Mobile App menu or "Message us Now" from a PC, where our Online Team would be happy to help out with this.


Alternatively if you can't access Online Banking, you can give us a buzz on 13 17 19 - both services are available 24/7 for your convenience.


Thank you.

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