CommBank Offset Account [Interest offset account, What is it, How to Use]

An offset account is an everyday bank account that’s linked to your home loan. You can deposit your salary and savings into the account and the balance is then offset against the amount owing on your home loan.

Say you have a home loan of $250,000 and $30,000 in your offset account; in this situation, you’ll only be charged interest on a loan balance of $220,000 ($250,000 - $30,000).

Because the offset account acts like an everyday account, your $30,000 is still accessible whenever you need it, even while it’s working to reduce your overall interest payments.

Today we review CBA's offset account

00:00 CommBank Offset Account [Interest offset account, What is it, How to Use]
00:25 What is the commonwealth bank offset account?
00:36 How does an Offset Account work?
01:24 Multiple Offset Account CBA
02:20 Eligible CBA Offset Home Loans
04:00 Offset Account Example with Commbank
04:30 How to set up offset account CBA
05:49 How Many Offset Accounts can you have with CBA?
06:30 Barefoot investor accounts with CBA

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Next steps and settling your first home

Our team here at Hunter Galloway is here to help you buy a home in Brisbane. Nathan & Joshua Vecchio are Senior Mortgage brokers who specialise in making your home journey easy.

Unlike other mortgage brokers who are just one person operators, we have an entire team of experts to help make your home loan journey as simple as possible.

If you want to get started, please get in touch and we can book a time that suits you – either a phone call information session or a face to face meeting (which doesn’t cost anything for you).

[kingdomfor]

Don't forget to mention that the interest on your offset account isn't taxable, but if you have an ordinary account without the offset facility you do pay tax on the interest , because it classed as income.

[tamasdabronaki]

Hey mate, nice audio quality now. Can you make a video about the difference between 'ANZ Simplicity PLUS' vs 'Standard variable with optional offset' and which one you'd chose?

[SohJunk]

Question: if you want to reduce your offset account how do you pay off your offset account? for example offset account balance is $5, 000 and you have $6, 000 in your daily account, how do you transfer that $1, 000 into your offset account?

[innerpowercoaching]

Attached the homeloan to offsets, however we haven't seen any effect of reduced interest - there is about 40k in the offsets.

[Panda]

Is better keep money in offset account or loan account?

[aprilshakur]

Can you use a high interest savings account as an offset account?

[adamharry]

Does an offset account affect your monthly repayments or just the time horizon of your mortgage?

[Panda]

can a essential super be an offset account? Thanks

[andreamalabag]

how do we know if the offset account is working properly?

[Panda]

Hi, could I get a super account to link to the offset account?
Thanks

[haydnmills]

Are there fees on having the offset accounts tho