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100% obligation-free advice

Our experienced team are happy to answer any of your questions and you're under no obligation to choose to us for your loan.

We'll call you within 24hrs (or next business day) to discuss your home lending needs.

Mortgage Offset

A great way to save interest on your home loan is by using your everyday transaction account balance to offset your home loan. This feature is available on the Standard Variable Rate home loan, with our Everyday Options account operating in Offset Mode.

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How offset mode works

Home Loan Interest is calculated on the outstanding balance of your linked home loan, less the balance of your main Everyday Options account plus any linked Sub-account balances (not in flexiRates).  

This means the more money you have in your Everyday Options account and sub-accounts the less interest you’ll pay on your home loan.

And because sub-account balances are included in the offset calculation (provided they’re not in flexiRates*), you can get a multi-offset benefit.

Offset mode in action

Example:

You have $100,000 owing on your Standard Variable home loan

You have an Everyday Options account with the following balances:

  • Main account $2,000
  • Total Sub-account balances $5,000 (of which $1,000 is locked away in a sub-account flexiRate).

When calculating your home loan interest, we’d add your Everyday Options account balances together i.e. $2,000 + $5,000 = $7,000 less the flexiRate balance of $1,000 = $6,000.

This is the multi-offset value that can then be subtracted from your $100,000 home loan when calculating interest. You’ll only pay interest on $94,000.

Every cent counts

There’s no minimum amount required in your Everyday Options account to benefit from offset, which means every dollar you have in your main account and sub-account balances (excluding flexiRates) can save you interest on your home loan.

Depositing your pay into your main Everyday Options account and using your sub-accounts for regular bills is one way to maximise this benefit with every cent you earn work harder for you reducing your home loan interest.

It’s important to remember that while your Everyday Options account is in offset mode you won’t earn interest on any  sub-account balances except where you have fixed them in a flexiRate. flexiRates are deposit funds fixed for a set period so they will earn you interest and are not counted in your offset balance

Click here for full details on our Everyday Options account.

Fees

A once off $75.00 Mortgage Offset Fee is charged to your linked loan account when your loan is not held in a Home Package Plus.

Example:

The table below illustrates three examples of how deposit balances in Everyday Options Accounts operate in offset mode and reduce the interest payable on a linked home loan.

Balance of Everyday Options Accounts

Main Account = $2000

Combined with

Sub-accounts = $20,000

Main Account = $2000

Combined with

Sub-accounts = $20,000

Main Account = $2000

Combined with

Sub-accounts = $20,000 ($8,000 in flexiRates)

Amount of Linked Home Loan

$122,000

$15,000

$114,000

We Will

  • Use combined account balance of $22,000 to calculate offset benefit
  • Pay you no interest on the $2,000 in the main account
  • Pay you no interest on the $20,000 credit balance in your Sub-account/s
  • Not charge interest on $22,000 of your linked home loan balance
  • Charge interest on the remaining $100,000 of your linked home loan balance
  • Use $15,000 of the $22,000 combined account balance to calculate offset benefit
  • Pay you no interest on any part of the credit balance (including the $7,000 amount by which the balance of your Everyday Options Account/s exceeds the balance in your Linked Home Loan) in your Everyday Options Account/s
  • Not charge interest on the total balance of $15,000 of your linked home loan.
  •  Use combined account balance of $14,000 to calculate offset benefit ($22,000 total minus $8,000 flexiRates)
  • Pay you no interest on the $2,000 in the main account
  • Pay you credit interest on the $8,000 in flexiRates
  • Pay you no interest on the $12,000 in credit balance in your Sub-account /s
  • Not charge interest on $14,000 of your linked home loan balance
  • Charge interest on the remaining $100,000 of your linked home loan balance.

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What can I expect?

Whether you want to get pre-approval, a new loan or refinance your existing loan with Suncorp, you can apply quickly online. Your dedicated lender will review your application and reach out to you in the next business day to discuss your options and answer any questions you have.

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What can I expect?

100% obligation free advice

Our experienced home lending team are happy to answer all your questions. They'll call you within 24 hours to discuss your home lending needs.

For all queries about existing Suncorp Home Loans call 13 11 55 Mon-Fri 8am-6pm (AEST)

A Mortgage Offset Fee may apply to link the 100% Home Loan Offset facility to your home loan, which is waived under the Home Package Plus. The Mortgage Offset fee is charged to your linked loan account.

Banking products are issued by Suncorp-Metway Ltd ABN 66 010 831 722 AFSL No 229882 Australian Credit Licence 229882 (“Suncorp Bank”) to approved applicants only. Please read the relevant Product Information Document, Lending Fees and Charges and the Home Package Plus terms and conditions before making a decision regarding any Suncorp Bank products. Fees, charges, terms and conditions apply and are available on request or on our Product Information Documents and Forms page.

100% obligation-free advice

Our experienced team are happy to answer any of your questions and you're under no obligation to choose to us for your loan.

We'll call you within 24hrs (or next business day) to discuss your home lending needs.

Got a Question?

Ask Scout, the Suncorp Virtual Assistant