Learn more about offset sub-accounts
Why use an offset sub‑account calculator?
It can be difficult to picture how an offset sub‑account works and how much interest it could save you over the life of your loan. This calculator helps you see the benefits quickly and clearly, including:
- How much sooner you could pay off your home loan
- How much interest you may save by keeping money in your offset sub‑account
FAQs
An offset sub-account is linked to your home loan and helps reduce the interest you pay. Instead of earning interest like a regular savings account, the balance in your offset reduces the portion of your loan that accrues interest. This can help you pay off your loan faster and save on interest costs.
Key things to know:
- It's a sub-account of your loan, not a separate deposit account.
- Funds in the offset sub-account are not covered by the government deposit guarantee.
- The offset cannot exceed your home loan balance.
If you have any questions, our friendly team is here to help!
An offset sub-account helps to reduce the interest on your home loan by the cash you hold in the account, like salary, against your home loan. This helps you pay off your mortgage faster with less interest, while giving you the ability to access your money any time. To learn more, click here.
An offset sub-account can be a great way to save on interest on your home loan. But it's still important to weigh up your individual circumstances to determine if it’s right for you.
The key to maximising your offset benefit is to maintain a high savings balance. Many people choose to deposit their salary into their offset sub-account to consistently maintain a high savings balance in the account. The money can still be redrawn using a linked Visa debit card, just as they would with a transaction account.
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Kathryn
Lending Specialist
Real people, based in Brisbane, Australia
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