SCAM ALERT: News of the merger between Auswide Bank and MyState Bank can attract scammers. There is a possibility you could receive emails, texts or phone calls from fraudsters about the merger and asking you to verify account information. To avoid becoming a victim of a scam, it’s important to stay vigilant and to keep an eye out for information about the merger and scam awareness via our official channels.
An offset account is a transaction account that is linked to your home loan*. You can deposit and withdraw money from this account, just like a regular everyday account.
The balance in your mortgage offset account is offset against the amount owing on your linked home loan.
For example, if you have a home loan of $400,000 and $20,000 in your offset account, you’ll only be charged interest on a loan balance of $380,000 ($400,000 - $20,000).
A mortgage offset account means you could potentially save thousands of dollars on interest repayments, taking years off your home loan.
For full fees & charges, please review our Guide to Mortgage Offset Account.
* Mortgage Offset must be opened in at least one of the same names as the borrower’s loan account.
