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

Yes, but it’s more than a single account, it’s a facility where you can link up to six offset accounts to your home loan.

Offset accounts are like savings accounts that are linked to your home loan. They offset the balance of your home loan so you only pay interest on the balance minus the amount in your offsets. The larger the balance in your offset accounts, 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. Find out more information on 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.

Your money is protected

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.

Tiimely Own offset accounts

Unlike some other lenders, at Tiimely Own we don't build the cost of our offset facility into our interest rate. You simply pay $15 per month for the feature.
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 account

If you change your mind, after you get your home loan, you’ll need to pay a fee of $250.
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 myloan@tiimelyhome.com.au and we’ll make the change for you.

Note: If you have an LVR>80, an offset facility will automatically be added to your home loan and cannot be removed.

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.

^Comparison rates are based on a loan amount of $150,000 over a 25-year term. They factor in fees associated with applying for the loan, ongoing fees and fees associated with leaving the loan. Tiimely Own fixed loans roll to a variable principal and interest rate at the end of the specified fixed term. If the interest only period is not specified, the comparison rate is calculated on a 5-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.

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).