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What is a Mortgage Interest Saver Account and how does it work? (MISA)

See all Home loans FAQs

Last updated 31 August 2017


A Mortgage Interest Saver Account (MISA) is a unique savings account that offsets the balance in the account against the debit balance of your home loan. Each day, we calculate the interest charge on your loan after offsetting the balance in your MISA account. This means that the more you have in your MISA, the less interest you pay on your home loan. Over time these savings can add up, and also reduce the time it takes to pay off your loan.

Because the MISA facility is offset against your home loan, you don’t earn interest or pay income tax on the MISA balance. 

MISA offers great savings, and to find out about the home loan options it is available with, click here.

You can find out more about how interest is charged on your loan here.

How do I use a MISA?

You can easily transfer funds in and out of your account if the method of operation on the account is ‘either to operate’ – meaning only one account holder needs to authorise the transaction. Here’s how:

  • In Netbank using ‘transfer money’ – if your home loan is eligible for a MISA, you can activate and use it as soon as your home loan has been funded. Simply transfer funds to BSB ‘062-383’, followed by your home loan account number in the account number field
  • In Commbank mobile or tablet apps - the MISA account will appear in accounts you can transfer to
  • Link the account to your keycard, debit or credit card to make withdrawals through CBA ATMs.
  • In any Commonwealth Bank branch 
  • By calling us on 13 2221.

The minimum withdrawal amount for all withdrawals on a MISA facility is $500 and there are no fees for electronic withdrawals from the MISA.

What is a method of operation and 'either to operate'?

On joint accounts, the method of operation determines whether we need authority from just one, or more than one account holder, before we process a transaction.

There are two options:

  • 'Either to operate' – just one authority is required (this is the default option when the account is first activated)
  • More than one signature required.

For you to be able to transfer funds out of your MISA using NetBank, the method of operation on the account must be 'either to operate'.

You can check which method of operation you have in NetBank by going to 'View accounts' and selecting 'Account information' for your home loan account. Look for 'Method of operation' which appears for both the home loan account and MISA.

To change the method of operation on your account, please visit any branch to complete the required authority.

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