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

An offset account is like a savings account that’s linked to your home loan which offsets the balance of your home loan. It offsets the balance of your home loan so you only pay interest on the balance minus the amount in your offset. The larger the balance in your offset account, the less interest you pay on your home loan. This could potentially save you thousands in interest over the life of your loan. We offer 100% offset accounts with all our Tiimely Own home loans, including our fixed rate loans. You can find more information on our offset account here.

Can you withdraw money from an offset account?

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

Your money is protected

Your offset account is managed by our funder, Bendigo and Adelaide Bank, an Authorised Deposit-Taking Institution (ADI). This means your offset account is guaranteed under the Australian Government's Financial Claims Scheme (FCS) for up to $250,000.

Tiimely Own offset accounts

Unlike some other lenders, at Tiimely Own we don't build the cost of the offset account into our interest rate. You simply pay $10 per month for the feature.

Our offset accounts include;

  • A Tiimely Own VISA Debit card which you can use like any other VISA 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 account

If you change your mind, after you get your home loan, you’ll need to pay a fee of $150. And if you're on a fixed interest rate, an additional break cost will also apply.

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

Learn more about offset accounts, and how they differ from redraw facilities.

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Legal information about our rates
Our home loans are subject to credit criteria and eligibility requirements. Home loan interest rates are for new customers only and can change. Our comparison rates are based on a $150,000 loan amount over a 25 year term. They factor in fees associated with applying for the loan; ongoing fees and fees associated with leaving the loan. Our fixed loans roll to a variable principal and interest rate at the end of the fixed term. If the interest only period is not specified, the comparison rate is calculated on a one year period.

WARNING: The comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Tiimely Turnaround
^Our turnaround times are up to 2x faster than the industry, based on a comparison of our average platform submit to approval time compared to industry submit to approval time, published here  (June 2023). Customer turnaround times are dependent on individual circumstances and may require an assessor to obtain more information.

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At Tiimely Home we are not financial advisers and recommend seeking independent financial and legal advice to check how the information we provide aligns with your individual circumstances.