Home loan offset accounts

An offset account is an everyday bank account that is linked to your variable home loan account, with the following features and benefits:

• It helps to reduce the amount of interest you pay over the life of your loan
• You can transfer money and make payments online
• A debit card for purchases, payments, and ATM withdrawals

The offset account feature is available only on the Offset Home Loan product.

The balance in this account is offset against the balance of the linked home loan account, reducing your monthly interest charges. It is important to note that an offset account cannot be linked to or offset against multiple loan accounts.

For example, if you have $100,000 in your offset account and the balance of the linked variable loan account is $400,000, you’ll only be charged interest on $300,000.
 

It is important to note that if your offset account balance exceeds your home loan account balance, you won’t be paid interest on the excess amount. This excess amount also is not offsetting any interest payable on your home loan account.  

Find out why smart savers are using offsets.

We recommend you check your account setup and offset linkage regularly, particularly where you have requested changes, variations, or a discharge on your home loan accounts. This can be viewed via Macquarie Online Banking and Macquarie Mobile Banking:

• Select your home loan account in this account list
• Select I want to
• Select View account breakdown in the menu drop-down

Here are some important things to remember to ensure you are making the most of your offset home loan:

• An offset account must be linked to a variable interest rate account to receive offset benefits. It can only be linked to one variable interest rate home loan – it can’t be linked to multiple loan accounts.
• If your offset account is not linked to any home loan account, please contact us immediately.
• It’s not possible to have an offset account linked to a fixed rate account.
• If the funds in your offset account exceed the balance of the home loan account, interest is not paid on the excess and the excess amount does not offset any interest payable.
• For Offset Home Loans with a BSB starting with 182, you can have up to 10 offset accounts linked to the one variable home loan account.
•  Account holder/s on the offset account must also be a borrower on the linked loan account.
• If you would like to change the linked variable home loan to a fixed rate, we will need to delink the offset account first. If you’d like to relink your offset account at the end of the fixed rate term, please contact us to arrange this.
• Your monthly repayment must still be made in full by the due date.
• You can change which variable account your offset is linked to at any time by contacting us to arrange.

If you would like to make changes to your offset linkage, please contact us on 1800 007 722 (+61 2 8245 4383), 8am to 7pm (Sydney time) Monday to Friday.

Our offset home loan can help you save the amount of interest you pay overtime, while allowing you to do your everyday banking with our bank accounts and credit card (if applicable). 

The below Help Centre articles will help you get the most out of your offset account and credit card. 

Your offset account and debit card 

• Activate your new or replacement card
• Lost, stolen, damaged or expired card or PIN
• Dispute a suspicious transaction (article is for both your debit and credit card)
• Apple Pay setup (article is for both your debit and credit card)
• Google Pay setup (article is for both your debit and credit card)
• Buy an eGift card on Macquarie Marketplace

Your credit card

• Credit card interest rates and fees
• Credit card repayment due date and amount
• Ways to pay your credit card
• What to do if your credit card is blocked
• Credit card travel insurance