With an Everyday Offset or a Mortgage Interest Saver Account (MISA) linked to your home loan, you can get greater flexibility. Any funds deposited into the account, such as your salary, savings or other income may# offset the loan balance so you could pay less interest whilst still having easy access to your money.
Benefits of Everyday Offset
Everyday Offset combines the convenience of a Complete Access Account with 100% offset of the balance against a Standard Variable Rate Home Loan.
- Full (100%) offset, which means that interest is not charged on the part of the home loan balance equal to the balance of the Everyday Offset.
- The ability to link your home loan to multiple accounts in the same names as your linked home loan. You may be charged a monthly fee ($10). Check with your Home Lending Specialist to see if the fee applies.
- All the real-time banking and transaction features you need, so you can easily and conveniently access your money in your account.
- Access your funds via NetBank, ATMs, EFTPOS/EFTPOB, Debit Mastercard®, telephone banking. BPAY®, direct debit, direct credit and branches.
- No minimum balance, so every cent in your linked accounts will offset the balance of your home loan.
For more details on how to apply for an Everyday Offset, make an appointment with a Home Lending Specialist. Alternatively, call us on 13 2224 and speak to a lending specialist.
Benefits of a Mortgage Interest Saver Account
Mortgage Interest Saver Account is a unique savings account, the balance of which may be offset against eligible home loans.
- Use your everyday savings to offset your loan balance and reduce your interest^ payments
- Access your money quickly and conveniently. Minimum withdrawal is $500.
- Access your funds via NetBank, ATMs, EFTPOS/EFTPOB, telephone banking and branches.
The MISA is available with the following Home Loan options:
- Full (100%) offset against a Standard Variable Rate
- Partial offset (currently 1.5% p.a.) against Fixed Rate, excluding Interest in Advance
- Full (100%) offset against a 12-Month Discounted Variable Rate
- Full (100%) offset against a One-Year Guaranteed Rate
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.
You can activate and use your MISA as soon as your home loan has been funded. Simply log onto NetBank and transfer funds using the MISA BSB number ‘062383’ and your Home Loan number in the Account Number field. Any borrower to the linked Home Loan account can access your MISA. You can change the level of access, or link the MISA to your Home Loan account at any time.
MISA is not available on Economiser (including 3 Year Special Economiser) home and investment home loans, Extra home and investment home loans (including Introductory Rate), No Fee Variable Rate home and investment home loans or Viridian Line of Credit.
For support and advice on making the most of your MISA, make an appointment with a Home Lending Specialist. Alternatively, call us on 13 2224 and speak to a lending specialist.
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* Package requires $150,000 in total home lending and an annual fee of $395 applies. Rate Lock allows you to lock in the interest rates for a period of 90 days effective from the date we process your request. Rate Lock is only available at application and a fee applies. At the end of the fixed rate period, the interest rate converts to the applicable Standard Variable Rate relevant to your loan purpose and repayment type at that time, less any applicable package discount specified in your Loan Contract.
** The rates shown are interest rates for Principal and Interest repayments. For all our rates including interest rates for investment home loans and Interest Only payments view our Home Loan Interest Rates.
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. Terms and conditions are available from commbank.com.au or from any branch of the Bank. If you have a complaint in respect of this product, the Commonwealth Bank’s dispute resolution service can be accessed on 13 2221.
Mastercard is a registered trademark of Mastercard International Incorporated. BPAY is a registered trademark of BPAY Pty Limited ABN 69 079 137 518.
Availability of flexible features depends on loan type. Applications for finance are subject to credit approval. Fees and charges may apply. Full terms and conditions included in our loan offer.
Comparison rate calculated on a $150,000 secured loan over a 25 year term. WARNING: Comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Comparison rates for variable Interest Only loans are based on an initial 5 year Interest Only period. Comparison rates for fixed or guaranteed Interest Only loans are based on an initial Interest Only period equal in length to the fixed or guaranteed period. During an interest only period, your interest only payments will not reduce your loan balance. This may mean you pay more interest over the life of the loan.
Mastercard is a registered trademark of Mastercard International Incorporated.
BPAY is a registered trademark of BPAY Pty Limited ABN 69 079 137 518.
# Fees and charges may apply including a monthly fee ($10).
Everyday Offset is a feature of our Complete Access Transaction Account which is linked to an eligible home loan, and accountholder/s must also be accountholders of the linked home loan. Interest is not charged on that part of the Home Loan balance equal to the balance of the Complete Access account.
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 (PDF68KB). Full terms and conditions for transaction and savings accounts (PDF 660KB) 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.