Understanding offset

  • An Everyday Offset is a transaction account linked to your eligible Standard Variable Rate home loan. Any money you put into your Everyday Offset reduces the balance on which we charge interest. This means you’ll only be paying interest on the difference.

Offset & redraw

  • What's the difference between an offset account and a redraw facility?

    Your Everyday Offset is a separate account linked to your eligible Standard Variable Rate home loan, while redraw is a feature available for some eligible variable rate home loans. Both can help:

    • reduce the amount of interest you pay on your home loan
    • pay off your home loan sooner.

    Redraw allows you to withdraw money you've contributed towards your home loan over and above your minimum required repayment. The money in your redraw account may reduce over the life of your loan so that, by the end of your agreed loan term, both your loan balance and the available redraw will be zero.

    If you’re currently using a redraw facility to deposit money that you plan on using later, an Everyday Offset may be more suitable if you plan on using the money more regularly.

    Tell me more about redraw vs offset

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How to switch an account to Everyday Offset

  • You can switch an eligible transaction account to an Everyday Offset online with your eligible CommBank Standard Variable Rate home loan

    If you don’t already have an existing eligible transaction account, you’ll need to open an Everyday Account Smart Access first:

    1. Log on to NetBank
    2. Click on ‘Accounts’ tab and follow instructions to open an ‘Everyday Account Smart Access’
    3. Switch your transaction account to an Everyday Offset using the instructions below

    How to switch an eligible transaction account to an Everyday Offset account online:

    1. Log on to NetBank
    2. Select your eligible Standard Variable Rate home loan account for an Everyday Offset account to be linked to
    3. Under the Manage my Loan section, select the ‘Redraw and Offset’ tab

    Click on ‘Switch account to offset’

    Download the Everyday Offset fact sheet (PDF)

Features & benefits

  • 100% offset

    100% of the money in your Everyday Offset will be deducted from your home loan balance before interest is charged. 

  • Save on interest charges

    The more money you have in your Everyday Offset, the less interest you’ll pay on your home loan.

  • Pay your loan off sooner

    Paying less interest over time could also reduce the time it takes to pay off your loan, as a larger portion of your repayments will go towards paying off the principal.

  • Link multiple offset accounts

    Maximise the benefits by linking multiple offsets to an eligible CommBank home loan. Link up to 99 offset accounts.

  • Access your money anytime

    You can access your money using your CommBank keycard or Debit Mastercard®, in branch or online in NetBank and the CommBank app.

  • No minimum balance 

    There’s no minimum balance needed for the offset to be applied to your home loan. 

Home loans with an offset account

Standard Variable Rate

A variable rate with discounts tailored to you, plus access to offset and an extensive range of features.

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Things you should know

  • The target market for this product will be found within the product’s Target Market Determination, available here.

    Mastercard is a registered trademark of Mastercard International Incorporated.

    As this advice has been prepared without considering your objectives, financial situation or needs, you should before acting on this advice, consider its appropriateness to your circumstances. Please view our Financial Services Guide (PDF). Full terms and conditions for transaction and savings accounts (PDF) mentioned are available here or from any branch of the Commonwealth Bank. If you have a complaint in respect of this product, the Commonwealth Bank’s dispute resolution service can be accessed on 13 2221.