Mortgage Offset Account
With our Mortgage Offset Account, the interest you earn on your savings is applied to reduce (or 'offset') the interest payable on your home loan.
100% offset
Our 100% Mortgage Offset Account is available with our Premium Plus Package and Premium Variable home loans. Rather than attracting interest on your at call deposit account, which may be taxable income, we reduce the balance of your loan for interest calculation purposes by the amount held in your deposit account. This way, funds held in your deposit account are saving you interest on your loan account.
This can be a tax effective means of holding cash available for all your transaction needs while minimising the interest on your loan.
Partial offset
Our Partial Mortgage Offset account is available with our Real Deal and Real Options Home Loans. Rather than attracting interest on your at call deposit account, which may be taxable income, we calculate interest on your account and deduct this from the interest to be charged on your Real Deal or Real Options Home Loan.
This can be a tax effective means of holding cash available for all your transaction needs while minimising the interest on your loan.
Benefits
Product features
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Money available at call
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Yes |
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Transaction record
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Statement |
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Interest
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Interest is calculated daily and is offset against the interest on your home loan. |
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Minimum opening balance
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$1 |
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Access and transactions
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- Direct credit
- Direct debit
- ATM
- EFTPOS
- Internet Banking
- Phone Banking
- BPAY®
- Transfer money
- Personal cheque book
- Over the counter
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Transaction fees
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Yes. There is a minimum six free transactions. Additional free transactions are available if you have an automatic transfer to your eligible Newcastle Permanent home loan or you maintain a higher balance in your account.
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Ongoing account keeping fees
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Nil |
How to apply
Is this the right account for you? If so, read more on how to apply.