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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.
For example, if you have $50,000 in your Everyday Offset and your loan balance is $200,000 you’ll only pay interest on $150,000 of your loan balance.
Check out our video, left, for more on how offset accounts work.
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.
For example, if you have $50,000 in your Everyday Offset and your loan balance is $200,000 you’ll only pay interest on $150,000 of your loan balance.
Check out our video, left, for more on how offset accounts work.
100% of the money in your Everyday Offset will be deducted from your home loan balance before interest is charged.
The more money you have in your Everyday Offset, the less interest you’ll pay on your home loan. Our customers saved an average of $1,158 last year using their Everyday Offset**.
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.
Maximise the benefits of offsetting by linking multiple Everyday Offsets to an eligible CommBank home loan, provided they're in the name(s) of the loan borrowers.
You can access your money using your CommBank keycard or Debit Mastercard®, in branch or online in NetBank and the CommBank app.
There’s no minimum balance needed for the offset to be applied to your home loan.
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:
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.
You can apply online for an Everyday Offset with your eligible CommBank Standard Variable Rate home loan, or get in touch to speak to a Home Lending Specialist.
Click on ‘Switch account to offset’
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** This is how much people saved on average when they had money in their offset account between July 2018 and June 2019. By way of example, you would need to have $30,000 in an offset account with a home loan interest rate of 4% p.a. for the full year to save $1,200 interest on your home loan.
The target market for this product will be found within the product’s Target Market Determination, available here.
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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.
