Commonwealth Bank offset account

A Commonwealth Bank (CommBank) offset account is a transaction account linked to your eligible home loan, designed to help you save on interest payments. The balance in your offset account is subtracted from your home loan balance when calculating interest, potentially reducing the amount you pay over time. Here's how it works and how you can set it up:

How the Offset Account Works

For example, if you have a home loan balance of $250,000 and $30,000 in your offset account, you'll only pay interest on $220,000. The higher the balance in your offset account, the more interest you can save. Additionally, funds in the offset account remain accessible for everyday transactions using your Debit Mastercard®, in-branch services, NetBank, or the CommBank app.

Eligibility and Linking an Offset Account

To link an offset account, you must have an eligible CommBank home loan, such as a Standard Variable Rate, Simple Home Loan, or Digi Home Loan. Depending on your loan type, you can link:

• Up to 99 offset accounts for a Standard Variable Rate home loan.
• One offset account for a Digi Home Loan.
• Two offset accounts for a Simple Home Loan, subject to a $10 monthly Offset Feature fee.

If you don't already have an eligible transaction account, you can open a Smart Access account and then switch it to an Everyday Offset account. This can be done online through NetBank or the CommBank app by following these steps:

1. Log in to NetBank or the CommBank app.
2. Search for 'Offset' and select 'Manage my offset'.
3. Click on 'Link an offset' and choose your eligible transaction account to switch.
4. Confirm your home loan details and complete the process.

Once linked, your offset account will begin reducing the interest charged on your home loan balance. Note that it may take up to five business days for the linking process to complete.

Considerations

• No minimum balance is required for the offset to be applied.
• Interest is not earned on the balance of your offset account.
• Depending on your loan type, an Offset Feature fee may apply.
• Funds in the offset account are accessible for everyday transactions.

For more detailed information, you can refer to the official CommBank Everyday Offset fact sheet: Everyday Offset Fact Sheet.

If you're interested in applying for a home loan with an offset account, you can start your application online or book an appointment with a Home Lending Specialist through the CommBank website: CommBank Home Loans.