Adding an offset account
What is an offset account?
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.
100% offset.
For eligible variable rate home loans, interest is calculated on the loan account balance less the balance of each linked offset account.
- Offset accounts are available on variable- rate CompleteME or StandardME home loans. You can link up to 10 SpendME Accounts to your home loan.
- Offset benefits only apply while the linked eligible loan has a variable interest rate. No offset benefit applies during a fixed interest rate period.
An offset account can only be linked to one loan account at a time.
Available on variable-rate home loans.
The type of home loan you have with us will determine the type of offset account you will need.
CompleteME and StandardME Home Loan
Link up to 10 SpendME Accounts to a variable-rate CompleteME Home Loan or StandardME Home Loan.
Conditions apply when adding an offset account to your home loan:
- The SpendME Account must be held in the name of one or more borrowers under the home loan and no one else.
- Offset accounts are only available for variable-rate CompleteME or StandardME home loans.
- Your SpendME Account needs to be opened before you link it to your home loan.
- You can either open an offset account when you take out your loan or set one up later on.
Setting up an offset account
Already have a variable-rate CompleteME home loan and want to link an offset account?
CompleteME and StandardME Home Loan
Link up to 10 SpendME Accounts to a variable-rate CompleteME Home Loan or StandardME Home Loan.
To set up an offset account and link to a CompleteME Home Loan.
1. Open the ME Go app.
2. Tap the wallet icon in the bottom menu.
3. Select the home loan account you want to link an offset to.
4. Tap (⋮) icon.
5. Tap Manage home loan account.
6. Tap Manage my offsets.
7. Tap link a transaction account.
8. Select the SpendME Account you want to link to the account.
If you have a StandardME home loan, you’ll need to call us on 13 15 63 to link or de-link offset accounts.
Adding (or removing) an offset account
CompleteME Home Loan
To update or remove a SpendME Account linked to your variable-rate CompleteME Home Loan, log into the Me Go app.
1. Open the ME Go app.
2. Tap the wallet icon in the bottom menu.
3. Select the home loan account you want to link an offset to.
4. Tap (⋮) icon.
5. Tap Manage home loan account.
6. Tap Manage my offsets.