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Offset Account

Maximise Your Money with our Offset Account!

Tired of letting your savings sit idle while you pay off your mortgage? It’s time to supercharge your finances with our Offset Account.

Transaction accounts to suit your needs

What is an offset account?

Firstly, you might be wondering what an offset account is. An offset account is a transaction account linked to your home loan. You can make deposits or withdraw from it as you would with your everyday transaction account.

The difference between an offset account and an everyday account is that when you have money in an offset account it reduces the amount of interest that is charged on your home loan. The bigger the balance and the longer the period your funds are in your offset account, the less interest you’ll pay on your home loan. Which in turn could help you to pay your loan off sooner.

Pay Less Interest
Your savings directly offset your home loan balance, reducing the interest you owe
Faster Loan Repayment
Save years and thousands of dollars on your mortgage
Easy access to funds
Your money is always available for emergencies or investments
Security and Flexibility
Enjoy peace of mind with a reliable and flexible financial solution
Real example

How does it work?

How you could pay your loan off sooner

Home loan

Let’s start with a $350,000 home loan

Add to your offset account

You then deposit $50,000 into your offset account

Pay less interest

You’ll now be charged interest on $300,0000 and not the whole loan amount of $350,000

Get ahead

This will happen as long as the $50,000 balance stays in the offset account

Popular

FSCU Home loan offset account

Ready to take the first step towards a brighter financial future? Open an Offset account today and start saving like never before.

100% Offset For members with an eligible home loan Reduce the interest you pay on your home loan Visa Debit Card access 24/7 Mobile and Internet Banking Access funds as you would a transaction account or use it as savings account

Enjoy peace of mind with a reliable and flexible financial solution

Talk to us
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Here to help

Frequently asked questions

Here are some frequently asked questions we think you might find helpful

An offset account can be used in different ways. Some like to have their pay deposited into the offset account and use it as their everyday account. While others may use it as their savings account

In an offset account, your money is going to work harder because the interest rate you pay on a home loan is usually higher than the interest you earn in a savings account.
Another plus is that the interest you save by using an offset account won’t be considered income. Which means it won’t be taxed. Whereas the interest you earn on a savings accounts will generally be considered incomes and therefore will be taxed

Redraw facilities work in a similar way to offset accounts, but there are key differences. Redraw facilities tend to be less flexible, but can still have their advantages.

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Top benefits

To sum up

Gives you insights into your spending habits to help you feel more in control of your finances

Linked to your home loan

An offset account is a transaction/everyday account linked to your home loan

Pay off your loan sooner

It can help reduce the amount of interest paid on your home loan and in turn could then help you pay it off sooner

Reduce the amount of interest paid

The more money in the offset accounts, means less interest you will pay on the home loan

Talk to us

Credit eligibility criteria, terms and conditions, fees and charges apply. These may change or we may introduce new features or fees and charges in the future. Before acquiring a Home Loan Offset account you should consider whether or not the Home Loan Offset account is appropriate for you. Terms and conditions for the Home Loan offset facility are set out in our General Terms and Conditions available at www.fscu.com.au. Fire Service Credit Union Ltd, 22 Chancery Lane Adelaide SA 5000 08 8227 2222 [email protected] visit www.fscu.com.au to find out more.

Fire Service Credit Union Ltd ABN 17 087 651 152 AFSL and Australian Credit Licence 237515