For home loans with a BSB starting 182, up to four business days prior to your discharge date, any offset account/s will usually be converted to a transaction account, and you’ll no longer receive any offset interest benefits. You’ll still be able to access your account online, and your account number and any debit card/s will remain the same.
If you want to use the money in your offset to reduce your payout figure, you’ll need to transfer the funds into your home loan.
After your offset is converted to a transaction account, to avoid withholding tax, you’ll need to add a tax file number (TFN) or exemption via Macquarie Online or the Macquarie Mobile Banking app. Visit Add tax file number or tax exemption to my accounts.
If you’d like to convert your transaction account back to an offset and link to another home loan, please contact us via chat. Please note the borrowers on your new home loan must match the account holder's of your transaction account
If your account is under a company or trust name, your offset account will be closed. You’ll need to make sure you withdraw any available funds from your offset account to avoid any delays with the discharge.
For home loans with a BSB starting 183, up to four business days prior to settlement, we’ll restrict access to the funds available in the offset account so we can calculate your payout figure. Any available funds in your offset account will be used to reduce your payout figure. When your home loan is discharged, your offset account will be closed.
If you don’t want to use the money in your offset to reduce your payout figure, you’ll need to transfer these out before restrictions are applied.
