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. You can find more information on our offset account here.
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.
Learn more about offset accounts, and how they differ from redraw facilities.