Offset accounts
How will offset accounts work at ANZ?
At ANZ, you will have one ANZ offset account (called ‘ANZ One Offset’) linked to your home loan.
At the time of the move to ANZ, if you have an Everyday Options Account in offset mode, the Main account will become an ANZ One Offset account and any Sub-Accounts will become a corresponding number of ANZ Access Advantage accounts. Only funds in the ANZ One Offset will offset the interest payable on your loan.
The amount of the offset benefit applied to your home loan once it moves to ANZ will be based on the funds held in your linked ANZ One Offset account.
Not all the information on this page will be relevant to you. Please refer to the email or letter that Suncorp Bank has sent you to understand how some of the key changes will impact your home loan.
If you haven’t received either email or letter, please contact us.
What if I have Everyday Options Sub-Accounts?
If your Suncorp Bank Everyday Options Account is in offset mode and has linked Sub-Account(s):
- your Everyday Options Account will become the ANZ One Offset account linked to your home loan
- your linked Sub-Account(s) will become ANZ Access Advantage account(s)
- ANZ Access Advantage account(s) are standard transaction accounts and will not offset your home loan balance when interest is calculated.
This means if you currently have funds in your Sub-Account(s), after the move to ANZ these funds will not offset your loan balance when interest is calculated.
How offset works at Suncorp Bank:
How offset works at ANZ:
What do I need to do?
Before your loan moves to ANZ, decide if you want to transfer funds from your Sub-Account(s) into your Everyday Options Main Account, to continue to receive the full offset benefit after the move to ANZ.
If you do this, remember to update any direct debits or scheduled payments linked to those Sub-Account(s).
Any remaining amounts in Sub-Account(s) after the move to ANZ will be transferred to ANZ Access Advantage transaction account(s). These accounts will not offset against your loan balance when interest is calculated.
After your loan and transaction account(s) moves to ANZ, you can transfer funds from your ANZ Access Advantage account(s) into your ANZ One Offset account at any time.
Frequently Asked Questions
We'll make sure you know before anything changes. If you have an offset account, ANZ will send you a letter or email explaining what's happening to your accounts, including which one will become your ANZ One Offset account.
You might also notice an 'Action required' alert on your account in the Suncorp Bank App or Internet Banking – that's just letting you know there's something to check.
This feature is available on the Standard Variable home loan, using our Everyday Options account when the account if on Offset Mode.
Put simply, the more money you're able to save, the less interest you'll end up paying on your home loan. For more in-depth information, please visit the Suncorp Bank Offset page.
ANZ offers redraw on some eligible loans, so if you'd like to see whether this could work for you after the move, get in touch with ANZ. The team can talk through your options and help you find what suits you best.
Please note, this applies to personal Home Loans only and does not apply to Home Loans in a company name.
Suncorp Bank is still your loan provider until your existing loan moves to ANZ, and in the meantime we’ll continue to help you manage your existing loan.
If you're thinking about refinancing, switching products or making any other change, book an appointment, contact us or speak with your broker or Relationship Manager about your options before the move. We’ll stop processing some service requests closer to the move date.
We're no longer accepting new loan applications. If you already have one in progress get in touch with us or your broker so we can talk through what this means for you.
Once your loan moves, you’ll bank with ANZ and can contact them for any changes to your loan.
The timing depends on the change you’d like to make, so it’s a good idea to review the information we send you and act as early as you can. We'll stop processing some service requests closer to the move date.
If you’d like to talk through your options or need support, book an appointment with a loan specialist, or if you have a Relationship Manager, please contact them directly.
FAQ
app
How can I check what my current home loan repayments are?
You can find your current home loan repayment details in the Suncorp Bank App:
- Tap ‘Accounts’ in the menu bar and select your home loan.
- Choose ‘Account Details’ and your repayment details will be displayed under the Payment summary section.
- Alternatively, ask Scout for your home loan repayment details by tapping ‘Support’ in the menu bar and selecting ‘Start a new chat’.
You can also view your home loan repayments in Internet Banking:
- Click ‘My Accounts’ from the left-hand menu.
- Select your home loan account to see your current repayment details, including the amount, interest rate and schedule of payments.
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View details about your mortgage repayment amount, date and schedule in Internet Banking and the Suncorp Bank App.
If you have an existing Suncorp Bank Home or Personal Loan, your interest rate will appear on your statement. If you have Internet Banking simply click on the account number to display a summary of the loan which will include the current interest rate.
Have another question about the move to ANZ?
Chat to our virtual assistant, Scout. Scout is here to help or can connect you to someone who can.
Things you should know
Any advice as well as any information relating to the move from Suncorp Bank to ANZ is of a general nature and is being provided without taking into account your particular financial needs, circumstances and objectives. While every effort has been made to ensure the accuracy of the information, it is not guaranteed. You should obtain professional advice before acting on the information in this website. It does not constitute legal or tax advice, and you should seek expert advice in this regard.
Australia and New Zealand Banking Group Limited (ABN 11 005 357 522) (ANZ) acquired Norfina Limited (ABN 66 010 831 722) (Suncorp Bank) on 31 July 2024. As Suncorp Bank is now part of the ANZ Group, it may be necessary to vary the terms of your Suncorp Bank product to match the terms of a similar ANZ product. This means you may end up with a product that has different terms and features to those you initially applied for. In any event, Suncorp Bank will provide you with a more detailed notice of these changes if the variation applies to your products. A full list of changes relating to the current product offerings can be found at suncorpbank.com.au/variation. Please contact us if you have any questions or if there is a feature that is important to you.
