act.

act. closed down on 28 February, 2018. While no new accounts can be opened, existing act. account holders can continue to use their accounts as normal.

If you can’t find the information you’re after, please contact our team on 1300 CSBANK (1300 272 265).

Home loan offset account

The Home Loan Offset Account allows you to offset the interest on your home loan. From 31 January 2018, this product will no longer be available to open new accounts. This change does not affect current account holders, however the name of the account has changed to Unpack home loan offset account.

Click here for act. home loan calculators

star Features
star Features
You can choose a full or partial offset on a variable rate home loan
A partial offset on a fixed rate home loan
You can even use this account as your daily transaction account and offset your savings against your home loan
By not earning interest on this account you can save on tax
Instead of earning interest, the balance of your Home Loan Offset Account helps reduce the interest you pay on your home loan
fees Fees
fees Fees
Account rebate FULL^
Full offset $5/month
Partial offset FREE
^ Eligible transaction fees are fully rebated when you have an approved owner occupied or residential investment loan with act.
percent Rates
percent Rates
Current partial interest rate 3.82%
paper Terms & Conditions
How does it work?

Using the assumptions as follows**:

  • Loan amount: $200,000
  • Loan interest rate: 7.00%
  • Discounted mortgage saver loan rate: 5.25% partial
  • Mortgage saver balance: $10,000

Interest charged after 5 years: $68,010

  • Interest charged after 5 years (full offset): $63,923 ($4,087 savings)
  • Interest charged after 5 years (partial): $67,055 ($955 savings)

Interest charged after 10 years: $131,297  

  • Interest charged after 10 years (full offset): $121,200 ($10,097 savings)
  • Interest charged after 10 years (partial): $128,773 ($2,524 savings)

For the purposes of this comparison it is assumed that the balance of the Home Loan Offset Account, the loan interest rate and Home Loan Offset rate will remain the same over the life of the loan.

** To simplify this illustration, initial or ongoing loan costs are not taken into account and it is assumed that the balance of the Home Loan Offset Account, the loan interest rate and home loan offset rate will remain the same over the life of the loan. The interest rates quoted are for illustrative purposes only and are not intended to imply an interest rate for any current or future loan product. The discounted home loan offset rate and the variable rate used to calculate interest on your loan account may be varied at the discretion of the Bank.

Popular questions

No. As of 31 January 2018, this product is no longer available. Existing customers can continue to use their account as normal.

There will be no changes to your account and you can continue to use it as normal. However, in time, we will send you a new debit card. This new card will also not affect the operation of your account and you will be able to continue to use this card, just like your current one.

Yes. The Bendigo Bank internet banking service will still be available as normal. However, you will need to access it via the Bendigo Bank website by clicking here.

chat
1300 CSBANK
1300 272 265
Talk to us
Become a customer
What is next?