What is a Mortgage Interest Saver Account? (MISA)
Last updated 04 February 2014
A Mortgage Interest Saver Account (MISA) is a unique savings account whereby the balance is offset daily against the debit balance of the related home loan. The balance of the offset account is deducted from the loan balance owing, prior to interest being calculated, reducing the interest charged to your loan.
Because the MISA facility is offset against your home loan, no interest is earned on the MISA, so no income tax is payable of the account.
MISA offers great savings and 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 1 Year Guaranteed Rate
MISA is not available on the No Fee Variable Home Loan, Economiser Home Loans.
*To receive the full offset on your loan, you must have a balance of $1000 or more and a funded loan.
How do I operate a MISA?
You can transfer funds in and out of your account quickly and easily a number of ways, if the method of operation on the account is either to operate:
- in NetBank using 'Transfer money' - if you are eligible for a MISA you can activate it by making a deposit into the account. Simply transfer funds to BSB 062-383 followed by the MISA facility number which is the same as the related Home Loan account (this is a 9 digit number, as it appears in your linked accounts).
- in NetBank mobile, tablet or CommBank Kaching 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.
More information is available about Interest Offset - Reduce your interest repayments and cut years off your loan.