What does it mean when my Everyday Options account is in offset mode?

If you have a standard variable home loan with us you're eligible to set your Everyday Options account in offset mode.

By setting your Everyday Options account to offset mode you'll be in the position to save on your home loan repayments by using  the combined balance in your Everyday Options accounts and any Sub-accounts as a 100% offset facility. This will reduce the interest payable on your linked home loan.

How it works?
Instead of getting paid interest on your savings the total amount of money in your Everyday Options account (minus any flexiRates you may have set up) is subtracted from your home loan amount and the difference is what’s used to calculate your interest repayments.
Put simply, the more money you’re able to save, the less interest you’ll end up paying on your home loan. Need more information? Visit the Offset page or call 13 11 75 to speak to a consultant about arranging to get your Everyday Options account in offset mode.