Offset Accounts

What is an offset account and how does it work?

An offset account is a transaction account linked to your eligible ME home loan. An offset account can help reduce the interest you pay on your home loan and potentially help you pay off your loan sooner.

For eligible variable rate home loans, interest is calculated on the loan account balance less the balance of each linked offset account.

Offset Account daily closing balance × annual interest rate applying to your home loan ÷ 365 days

For example, if your variable rate home loan balance is $500,000 and you have $20,000 in your linked offset account, interest will generally be calculated on $480,000 instead of $500,000.

The more money you keep in your offset account, the more interest you may save.

Offset benefits only apply while the linked loan has a variable interest rate. No offset benefit applies during a fixed interest rate period.

Which ME home loans are eligible for offset?

Offset accounts are only available with eligible variable rate CompleteME or StandardME home loans.

• Offset accounts cannot be linked during a fixed interest rate period and do not apply to EconoME home loans.
• The offset account must be held in the name of one or more borrowers under the home loan and no one else.
• An offset account can only be linked to one loan account at a time.

To learn more about eligibility and how to add an offset account, visit Adding an offset account {external-link}.

How do I add an offset account to my home loan?

For step-by-step instructions on adding an offset account, visit Adding an offset account {external-link}.

Can I have more than one offset account linked to my home loan?

Yes. Up to 10 SpendME Accounts can be linked to a variable rate CompleteME Home Loan and StandardME Home Loan. You can only link an offset account to one loan account at a time.

How do I know my offset account is linked and working correctly?

To check that your offset account is working as expected:

• Confirm your offset account is linked to your home loan in Internet Banking or the ME Go app.
• Review your home loan statement and look for the "Interest savings due to offset" amount under the 'Loan Summary' section.

Can I see how much interest my offset account has saved me?

You can view your offset benefit on your home loan statement.

The "Interest savings due to offset" amount shows the interest savings achieved through your linked offset account during the statement period.

If you're comparing savings over time, you can also review previous home loan statements to see how your offset benefit has changed from month to month.

The benefit of an offset account is that it reduces the interest charged on your eligible home loan. Interest is not paid on the balance held in the offset account.

Why did my offset benefit change this month?

Your offset benefit can go up or down from month to month for several reasons, including:

• Changes to your offset account balance.
• Changes to your home loan balance.
• Interest rate changes.
• Differences in the number of days in the statement period.

This is normal and does not necessarily indicate a problem with your offset account.

Does an offset account reduce my repayments or reduce my loan term?

An offset account reduces the amount of interest charged on your home loan.

Depending on your loan setup and repayment arrangements, this may help you pay off your loan sooner.

Your minimum repayment amount may not automatically reduce because you have an offset account.

What happens during a fixed interest rate period?

No offset benefits apply during a fixed interest rate period. This means the balance in your offset account will not reduce the interest calculated on the fixed-rate loan during that period.

What loan changes could affect my offset account?

Some loan changes may affect your offset arrangement, including:

• Product switches.
• Refinances.
• Loan restructures.
• Top-ups.
• Split loan changes.
• Security substitutions.
• Fixing a loan.

Your offset account will be unlinked, and your offset benefits will stop if your loan is no longer a CompleteME or StandardME Home Loan.

If your loan later changes back to an eligible home loan, your previous offset arrangement may not automatically be restored.

If you're making changes to your home loan, it's important to understand how your offset account may be affected before the change is processed and to retain any relevant loan variation documents or communications for your records.

When will my offset account be unlinked?

Your offset account will be unlinked from your home loan, and offset benefits will stop, if:

• you ask us to unlink it;
• your offset account or loan account is closed;
• we calculate a final payout figure for a full discharge settlement requested by you; or
• your loan is no longer a CompleteME or StandardME home loan.

My offset account isn't showing in the ME Go app. What should I do?

First, check both the ME Go app and Internet Banking to see if the account is visible.

If the account still isn't displaying as expected, contact us so we can confirm the current arrangement and investigate any issues.

My offset account is linked, but my offset benefit seems lower than expected. What should I do?

Review your recent home loan statement and compare it with previous statements to understand any changes in your offset benefit.

If you still believe something isn't right, contact us and provide details such as the relevant statement period and the date you expected the offset to be applied.

My offset account disappeared after a loan change. What should I do?

Some loan changes can affect existing offset arrangements.

Your offset account will be unlinked, and your offset benefits will stop if your loan is no longer a CompleteME or StandardME home loan.

If your loan later changes back to an eligible home loan, your previous offset arrangement may not automatically be restored.

If you've recently refinanced, switched products, split your loan or made another loan change, contact us so we can confirm your current offset setup and investigate any discrepancies.

My home loan was transitioned to ME Go, and I think my offset stopped working. What should I do?

If you believe there has been an issue following a migration or system-related change, please contact us and provide details about the period you're concerned about.

We'll review the information available and investigate where required.

Before contacting us:

To help us investigate as quickly as possible, have the following information ready:

• Home loan number
• Offset account number
• Expected linkage date
• Relevant statement period
• Details of any recent loan changes.

Can I request a review of my offset history?

Yes. If you're concerned about a specific period, please provide the relevant dates, statements, loan changes or instructions relating to the issue.

The more specific the information provided, the easier it will be for us to review and investigate your concern.