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Do you have an offset account and how does it work?

Yes. You can link up to six offset accounts to your home loan with our Offset home loan.

An offset account works like a savings account attached to your loan. The balance in your offset account is deducted from your loan principal when calculating interest. For example, if you have a $500,000 loan and $50,000 in your offset account, you'll only pay interest on $450,000.

The more you hold in your offset accounts, the less interest you pay, and the faster you pay down your loan.

We offer 100% offset accounts with all Tiimely Own home loans, including fixed rate loans.

Find out more about our offset account.

Can you withdraw money from an offset account?

Offset accounts have most of the features of a normal transactional savings account. You can deposit money and withdraw it any time to pay bills or for day-to-day expenses. However, the more you have in your offsets, the less interest you’ll pay.

All the protections of a bank

Your offset accounts are managed by our funder, Bendigo and Adelaide Bank, an Authorised Deposit-Taking Institution (ADI). This means your offset accounts are guaranteed under the Australian Government's Financial Claims Scheme (FCS) for up to $250,000 per account holder, per ADI. (Shared with the account holders’ other eligible deposits with the same ADI)

How much does it cost to have an offset account?

Unlike some lenders, we don't build the cost of our offset facility into our interest rate. You simply pay $15 per month

Our offset accounts include:

  • A Tiimely Home Mastercard Debit card which you can use like any other Mastercard Debit or EFTPOS card. Any Suncorp or Bendigo ATM usage is free of charge.
  • A BPAY facility for bill payments and a swipe option for retail transactions.
  • Deposit and debit features like any standard bank account.

Adding or removing offset accounts

If you’ve settled on a Basic home loan but want to add an offset account, you can switch to an Offset home loan for $15/month. If you’re on a fixed interest rate, a break cost will apply.

To add or remove an offset account, give us a call on 08 7109 9010 or email myloan@tiimelyhome.com.au and we’ll make the change for you.

Note: If you have an LVR higher than 80%, you are only eligible for our Offset home loan.

Find out more about offset accounts and how they differ from redraw facilities.

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Important information about rates
*Tiimely Own products are subject to loan-to-value ratio (LVR) requirements, eligibility and credit criteria and terms and conditions. Rates apply to new Tiimely Home customers only and are subject to change without notice.

**The rates shown for products available from panel lenders via Tiimely Home brokers are current based on information from panel lenders and are subject to change without notice. The home loan with the lowest current interest rate is not necessarily the most suitable for your circumstances, you may not qualify for that particular product and the product may not include all the features relevant to you. All applications are subject to lender assessment and approval, and eligibility requirements and terms and conditions apply.

^The comparison rates displayed are calculated for a loan of $150,000 over 25 years. If a comparison rate relates to a Tiimely Own loan with a fixed interest rate, the comparison rate has been calculated on the basis that our current applicable variable rate will apply at the end of the fixed rate period. If a comparison rate relates to an interest only loan with a fixed rate, the comparison rate has been calculated on the basis that the interest only period is the same duration as the fixed rate period. If a comparison rate relates to an interest only loan with a variable interest rate, the comparison rate has been calculated on the basis that the interest only period is 5 years.

WARNING: The comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. All interest rates are subject to change without notice.

Other important information
+Tiimely Home is known for its fast approvals for Tiimely Own products and responsive service, powered by our technology and supported by our team of experts. Application and approval times are estimates only and not guaranteed. Turnaround times are dependent on individual circumstances. Applications for a Tiimely Own loan may require an assessor to obtain more information. Assessment times for home loan applications made via Tiimely Home brokers are dependent on individual panel lenders.

The information provided does not constitute an offer of credit and does not take into account your objectives, financial situation or individual circumstances. We recommend seeking independent financial, taxation and legal advice to check how the information provided aligns with your individual circumstances.

Tiimely Home receives commissions from Tiimely Own loans and, where customers apply for a loan with the assistance of a Tiimely Home broker, from loans settled with panel lenders. Tiimely Home brokers do not receive individual commissions. More information about the credit services provided by Tiimely Home is available in the Tiimely Home Credit Guide (PDF) and Tiimely Home Broker Credit Guide (PDF).