100% Offset Against Your Home Loan
Having your Everyday Options Hub and Sub-accounts in offset mode can save you money on your Standard Variable rate home loan. The balances of all your sub-accounts plus the balance of your hub account is fully offset against your linked home loan balance for interest calculation purposes.
- 100% offset means we deduct the balance of your combined Hub and Sub-accounts (excludes flexiRate Balances) from your linked home loan balance, and you only pay interest on this reduced amount.
- No account keeping fees on your Everyday Options account while in offset mode
- A Mortgage Offset fee applies and is charged to your linked loan account.
- You will not be paid interest on the balances in your hub and sub-accounts while your hub and sub-accounts are operating as an offset facility.
Here's an example of how 100% offset works
If you had $10,000 spread over three Sub-accounts and your Everyday options Hub Account, and $100,000 owing on your linked home loan, you would only be charged home loan interest on $90,000. As interest is calculated daily, you benefit every day by keeping your income and savings in your Everyday Options hub and sub-accounts.
| Features |
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| Multiple offset accounts |
- Your main Hub account plus linked Sub-accounts (excludes flexiRates) can be used to offset your loan, allowing you to separate your funds for any purpose.
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| Tax effective |
- A 100% offset account is tax effective because instead of being paid interest, you reduce the interest payable on your home loan.
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| Account access |
- Sub-accounts can be accessed via telephone and internet banking, direct debits and credits and BPAY.
- Transfer money from your sub-accounts to your main Everyday Options account for full access by ATMs, EFTPOS, cheque, or in a branch.
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| Regular statements |
- Monthly, quarterly and half-yearly statements are free of charge
- These are combined with your main Everyday Options account.
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| Fees |
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| Monthly account keeping fee |
No fee payable while your account is in offset mode |
| Suncorp Transaction fees |
Free |
| Mortgage Offset Fee |
$75.00 charged to your linked Loan account |
Product Information Document
Banking Products are issued by Suncorp-Metway Ltd ABN 66 010 831 722. Please read the relevant Product Information Documents before you make any decisions regarding any of these products. Contact us for a copy.
