Save interest using a Suncorp Everyday Options Account to offset the outstanding balance of your loan.
- Available on Standard Variable home loans.
- Money in your Everyday Options Account is fully offset against the amount outstanding on your loan.
- No monthly account keeping fee on your Everyday Options Account while it’s in offset mode.
How "offset mode "works
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- We look at the total amount of money in your Everyday Options Account (including money in your linked “sub” accounts)
- To calculate interest payable we subtract the total amount of money in your Everyday Options Account (minus any “flexiRates” you have) from the balance owing on your home loan
- The net figure calculated in Step 2 is the balance you are required to pay interest on. This means you benefit from paying less interest on your loan when you’re using your Everyday Options Account in offset mode.
Put more simply, the more money you’re able to save the less interest you’ll end up paying on your home loan.
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An example:
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- Say you have a total amount of $10,000 in your Everyday Options account (including money in your linked savings “sub” accounts), $2,000 locked away in a flexiRate and $100,000 owing on your standard variable rate home loan.
- The total amount that we’d subtract from the amount owing on your home loan is $8,000 ($10,000 - $2,000). The remaining balance is $92,000 ($100,000 - $8,000) which is the amount that interest is calculated on.
- Interest is calculated daily so you’ll benefit every day by keeping your income and savings in your Everyday Options account (including your linked “sub” accounts).
- It’s important to remember that while your Everyday Options account is in offset mode you won’t be earning interest on any linked “sub” accounts that you open. However, if you choose to lock away a portion of your money in a “flexiRate” you’ll continue to earn interest but you won’t have the benefit of this money reducing your interest payable on your home loan.
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Multiple offset accounts
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- You can link up to 9 “sub” accounts to your Everyday Options account for free, which are used to offset your loan, allowing you to separate your money to help you budget.
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Tax effective
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- An offset account is tax effective because instead of being paid interest, you reduce the interest payable on your home loan.
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Account access
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We're making it easier for you with a growing number of ATMs & Branches to ensure your cash is always handy. Access your day-to-day money with,
- ATMs
- EFTPOS
- Visa Debit card
- Free Cheque book
- Telephone Banking
- Internet Banking
- Mobile Phone Banking
- Branches
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| Statements |
- Statements are issued every 3 months or more often if you request this.
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Account Keeping Fee
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- No monthly account keeping fee while your Everyday Options account is in offset mode
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Transaction Fees
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- Unlimited fee-free Suncorp Bank transactions.
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| Mortgage Offset Fee |
- A once off $75.00 fee is charged to your linked Loan account
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Get in touch
Our Home Loan Specialists are easy to contact– online, face-to-face, or over the phone on 13 11 75.
- Enquire online and a Home Loan Specialist will help you find a loan that best suits your needs.
- Arrange an appointment with a Home Loan Specialist in one of our branches. They’ll even come to you – where and when it suits best.
If you prefer, just drop into one of our branches or call us on 13 11 75.
Ready to apply?
Visit this helpful page for more information on what you will need to complete your application.
Things you should know
Product Information Document - Everyday Options Account
The Everyday Options account is issued by Suncorp-Metway Ltd ABN 66 010 831 722. Please read the relevant Product Information Doument for Suncorp Bank Personal Deposit Accounts and the Terms and Conditions for Suncorp Accounts before making any decision regarding this product.
