Our verdict

The Bank Australia Mortgage Offset account is the perfect partner for a Bank Australia Premium Home Loan.

Finder Awards winner

Green Award

If you’ve got a Premium Home Loan with Bank Australia, the Mortgage Offset Account is a 100% offset account that can save you money in interest on your loan.

As well as being used to offset the interest charged on your home loan, you can also access the money in the account for day-to-day spending if needed. You’ll get a linked Visa Debit Card which you can use to make purchases and withdraw cash at ATMs. This makes the account similar to an everyday transaction account, with the added benefits of offsetting your loan.

Pros

Entire balance in your account is offset against your home loan balance
Linked Visa debit card
No account keeping fees

Cons

Fees apply if using the account overseas

Details

Key details

Product Name	Bank Australia Mortgage Offset Account
Monthly account fee	$0
Card access	Visa
Own network ATM fee	$0
International ATM Fee	International ATM fee $3.50
International transaction fee	3%
Monthly deposit required to waive account fee	N/A
Contactless Payments	Apple Pay, Google Pay, Samsung Pay, Garmin Pay

Eligibility

Minimum Age	18
Joint account availability	No
Minimum opening deposit	N/A
Residency status	Permanent Australian residents with an Australian address

Finder Green Bank 2023

Bank Australia

PFinder Green Bank of the Year 2023 award

Key features

Offset your mortgage interest

The Bank Australia Mortgage Offset account provides a 100% offset facility against Bank Australia Premium Home Loans. The funds held in your Mortgage Offset account reduce the interest you pay on your linked Bank Australia Premium Home Loan.

The offset balance is deducted from the home loan principle before interest is calculated on your mortgage. This lowers your home loan repayments and puts more money in your pocket so you can repay your loan quicker.

Account access

You can withdraw the funds in your mortgage offset account at rediATMs for free using the supplied Visa Debit Card or rediCARD PLUS, as well as at all major bank ATMs. You can also use the card to make purchases in store and online.

If you need cash from the account, you can make over the counter withdrawals at Bank Australia offices and branches or Australia Post retail outlets via Bank@Post. You can also transfer funds to another account and make BPAY payments via internet and telephone banking.

Internet and telephone banking

The internet and phone banking facilities let you make payments to other accounts using BPAY, you can also set up direct debits from your offset account. Online and telephone banking also allow you to monitor your account balance. Your offset account and mortgage account can be viewed and managed side by side when you register for Bank Australia internet banking. You can access online banking from your smartphone, tablet or computer 24 hours a day 7 days a week.

Hub

The Bank Australia Mortgage Offset account can be used as a cash hub for your incoming and outgoing payments so you can always maintain the most money in this account and save on your mortgage interest repayments.

Direct credit

Get your salary or other regular income paid right into your offset account by setting up a direct credit arrangement.

Direct debit

Pay your recurring payments from your Mortgage Offset account like you would from a transaction account or savings account.

How to apply

To apply visit the Bank Australia website and start a secure online form where you can make an enquiry for the Bank Australia Mortgage Offset account.
To be eligible for the Bank Australia Mortgage Offset, you need to already have a Premium Home Loan Package. This account is an extension of your home loan. If you're already a Bank Australia customer, you can apply for this offset account via internet banking.

Eligibility

Basic eligibility requirements include: You need to be over the age of 18 and you must be a permanent Australian resident and you must link the Bank Australia Mortgage Offset with a Bank Australia Premium Package Home Loan.

Documentation needed

If you don't have a home loan from Bank Australia, you can start the application process for a mortgage by filling out the online enquiry form. You'll need to provide some basic contact information such as your name, date of birth, residential address, email and you best contact number so Bank Australia can all you back to make a time to discuss your loan options. A Bank Australia representative will be in touch within one business day once you submit the form.

Compare other transaction accounts

1 - 6 of 212

Name	Monthly fee	Govt. Guarantee	Own network ATM fee	Card type
Newcastle Permanent Everyday Account Apple Pay Google Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa	Go to site More Info Compare
Suncorp Bank Everyday Options Account Apple Pay Google Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa	Go to site More Info Compare	Eligible Visa Debit cardholders can get cashback when using their card to shop at partner retailers.
Bendigo Bank Everyday Account Apple Pay Google Pay Samsung Pay Garmin Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Mastercard	Go to site More Info Compare
ING Orange Everyday Account Apple Pay Google Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa	Go to site More Info Compare	1% cashback on utility bills (T&Cs apply)
MyState Bank Glide Account Apple Pay Google Pay Samsung Pay Garmin Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa	Go to site More Info Compare
Revolut Account Apple Pay Google Pay	Monthly fee $0	Government Guarantee	Own network ATM fee $0	Card type Visa and Mastercard	Go to site More Info Compare

Showing 6 of 6 results

Sources

Your reviews

No reviews yet. Write a review

Ask a question

To ask a question simply log in via your email or create an account.

Ask a question

Alison Finder

Editor

Hi there, looking for more information? Ask us a question.

You are about to post a question on finder.com.au:

Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
finder.com.au is a financial comparison and information service, not a bank or product provider
We cannot provide you with personal advice or recommendations
Your answer might already be waiting – check previous questions below to see if yours has already been asked

Accept and continue

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Privacy Policy and Terms of Service apply.

Citadel

May 31, 2018

Hi, what will happen to my offset account when I close my homeloan?

Nikki Angco

May 31, 2018

Hi Citadel,

We’ve read your message, Thanks!

When your home loan ends, your offset account will also be closed as well.

Hope this helps.

Regards,

Nikki

Bank Australia Mortgage Offset

Pros

Cons

Finder Green Bank 2023

Bank Australia

Key features

Offset your mortgage interest

Account access

Internet and telephone banking

Hub

Direct credit

Direct debit

How to apply

Eligibility

Documentation needed

Compare other transaction accounts

Your reviews

Important information about this website

Advertiser disclosure

How we make money

Sorting and ranking products

Terms of service and privacy policy