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An Everyday Offset is a transaction account linked to your eligible Standard Variable Rate, Simple Home Loan and Digi Home Loan. 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.
Learn more about offset accounts
Your Everyday Offset is a separate account linked to your eligible 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 switch an eligible account to an Everyday Offset online via NetBank with your eligible CommBank variable rate home loan
Once you have opened your eligible transaction account, follow the below steps to switch it to an Everyday Offset account:
Money in your Everyday Offset reduces the balance of your home loan upon which we charge interest.
The more money you have in your Everyday Offset, the less interest you’ll pay on your home loan.
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 by linking offset(s) to eligible CommBank home loans.
Link up to 99 Everyday Offset accounts to a CommBank Standard Variable Rate home loan. Or pay a $10 Offset Feature fee in exchange for the option to link up to two Everyday Offset Accounts to a CommBank Simple Home Loan, and one Everyday Offset Account to a CommBank Digi Home Loan.
You can access your money using your 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.
Get the most from your home loan application process and book time with a Home Lending Specialist at a time and place that suits you.
Start your home loan or refinance application online and if eligible receive a conditional approval in minutes.
Get help from Ceba in the CommBank app or connect with a specialist who can message you back. You’ll need CommBank app notifications turned on so you know when you’ve received a reply.
Book instantly to speak to a Home Loan Specialist at a time that suits you.
Redraw, change your repayments or loan type to better meet your needs and more.
Fast-track your call, see expected wait times and connect with a specialist in the CommBank app.
Get instant help from our virtual assistant or chat to a specialist.
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.
* You can link one Everyday Offset account to each eligible Digi Home Loan and up to two Everyday Offset accounts to each eligible Simple Home Loan. An Offset Feature fee will apply, see ‘Fees we charge for consumer mortgage lending products.'
