Commonwealth Bank Mortgage Interest Saver Account (MISA) is a feature linked to eligible home loans. The balance of your MISA is offset against the balance of your home loan which reduces the interest you pay on your home loan. It could end up saving you thousands of dollars in interest and cut years from the term of your home loan.
The MISA is available with the following Home Loan options:
Full offset means that interest is not charged on that part of the Home Loan account equal to the balance of the MISA. Partial offset means that a reduced interest rate (currently 1.5% p.a. less than your contracted fixed interest rate) is charged on that part of the Home Loan account equal to the balance of the MISA. For the interest offset to apply there must be a minimum of $1,000 in the MISA account.
MISA is not available on Economiser (including 3 Year Special Economiser) home and investment home loans, No Fee Variable Rate home and investment home loans or Viridian Line of Credit.
MISA allows you to withdraw your money quickly and conveniently and best of all, there are no fees. There is however a minimum withdrawal of $500.
Because your MISA is offset against your home loan balance, no interest is 'earned' on MISA and no income tax is payable.
You can get fee-free access online at NetBank, phone banking, at selected ATMs, EFTPOS, Australia Post EFTPOB terminals or drop in to any Commonwealth Bank branch.
You can activate and use the MISA at any time as soon as your home loan has been funded. To begin using this feature, simply log onto NetBank and transfer funds to the MISA by including the MISA BSB number “062383” in the BSB field and your Home Loan number in the Account Number field, or visit a Commonwealth Bank Branch.
For greater convenience, the MISA is set up so that any borrower to the linked Home Loan account can access the MISA individually. You can change the level of access, or link the MISA to your Commonwealth Bank card at any time by contacting us.
For more information, simply phone 13 2224 or email our lending experts.