Mortgage Offset Account

An offset account could save you thousands in interest and help you pay off your mortgage sooner. Ask us how.

Save thousands on your home mortgage!

You could pay off your home loan years earlier and save thousands in interest with the Mortgage Offset Account.

Every dollar in this account is offset against your linked home loan* which saves you an equivalent rate of interest. Plus, unlike interest income earned on most investments – you don’t pay tax on the Mortgage Offset benefit.

Use it as a savings account or for all your day-to-day banking! You’ve got nothing to lose except years off your mortgage!

Our Visa Debit Card allows you the opportunity to access your own money in Australia and overseas in many ways.

Plus unlike many lenders, our 100% offset is available on principal & interest variable and fixed rate home loans.

Try our Lump Sum Calculator to help see the benefits of holding a lump sum in your Mortgage Offset account.

Try our Extra Payments Calculator to find out how much time and interest you can save by setting up a regular deposit to your Mortgage Offset account

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With a Mortgage Offset you can enjoy:

  • Fixed, low account fee (fee waived for eligible mortgage or shareholder package holders)
  • No minimum ongoing balance
  • 100% offset against your principal & interest fixed or variable rate home loan saving you an equivalent rate of interest
  • Easy deposits via Branch, Internet, Mobile or Telephone Banking transfers, cheque or direct credit
  • Easy withdrawals via any Auswide Bank Branch, Internet, Mobile, Telephone Banking transfers or direct credit
  • Access to overseas ATM's, overseas EFTPOS and online purchases using Auswide Bank Visa Debit Card
  • Up to 10 offset accounts available to help you better organise your money
  • Unlimited access to our dedicated customer service team and online service centre
  • The added benefit of Auswide Bank’s Autosweep service that saves you the embarrassment and cost of ‘bouncing’ cheques or electronic payments by ‘sweeping’ funds from one Auswide Bank account to another
  • This account is protected by the Australian Government deposit guarantee. Up to $250,000 of deposits in 'protected accounts' held by an entity with Auswide Bank are covered under the Financial Claims Scheme.

Account Fees

Enjoy a fixed low monthly fee of just $10.00. Waived for Freedom Package customers.

Other Fees and Charges

A once-off Mortgage Offset Administration Fee of $75 applies on the first offset per loan.

Other fees & charges apply. Please review our Guide to Mortgage Offset Account for full details.

Interest Rates

Funds in the Mortgage Offset Account do not attract interest. The closing daily balance offsets 100% of the interest charged to the equivalent amount of the closing balance of the loan account. The benefit is applied to your home loan interest each month.

Open a new Auswide Bank account for personal use.

Step 1 - Complete and sign a New Client form for each individual Signatory or Authority to Access. (This form is not required if you are already a Signatory/Authority to Access on an existing Auswide Bank account).

Step 2 - Provide Auswide Bank with evidence of the identity of each Signatory/Authority to Access (as required by the Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Act 2006). (Identification is not required if you are a Signatory/Authority to Access on an existing Auswide Bank account and you have previously provided identification).

Your identity can be verified by you providing your relevant identity documents in person at any Auswide Bank branch. If you are sending your application by mail and you are unable to visit one of our branches, you will be required to lodge at your nearest Australia Post outlet, an Australia Post - Identity Verification Form along with your original and current identification documents as detailed on this form.

Step 3 - Complete an Account Application form and have it signed by each individual Signatory or Authority to Access and return along with a cheque/money order for the minimum opening balance or a completed and signed Direct Debit Request (DDR) form (in which case we will debit the amount from another financial institution account).

Step 4 - Once complete please return forms to your nearest Auswide Bank branch; or post to: Reply Paid 1063, Bundaberg QLD 4670; or alternatively, fax through to (07) 4152 3499.

Please allow 3 working days from receipt by Auswide Bank for processing.

Close my existing account at another financial institution

Normally you would contact the financial institution direct and ask them to close your account. However we can attempt to do this on your behalf.

Complete and sign an Authority to Close Account form. All signatories on the account at the other financial institution should sign.

Once complete please return form to your nearest Auswide Bank branch; or post to: Reply Paid 1063, Bundaberg QLD 4670; or alternatively, fax through to (07) 4152 3499.

Please allow 3 working days from receipt by Auswide Bank for processing.

Upon receipt from you, we will deliver the form to the other financial institution on your behalf.

*Mortgage Offset must be opened in at least one of the same names as the borrower’s loan account.

To decide if a product is appropriate for you, please carefully read the relevant product terms & conditions or disclosure statement. A target market determination can be obtained here.