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ANZ One offset account

An ANZ One offset account could help you save on interest. We can help you discover if an offset account is right for you.

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Enquire about ANZ One Offset today

What is an offset account?disclaimer

An offset account is a transaction account linked to an eligible home or investment loan. The money you have in this account could offset the amount you owe on that loan, and you'll only be charged the interest on the difference.

Why get an offset account?disclaimer

If you have an eligible loan (such as an ANZ Standard Variable loan or a one year ANZ Fixed loan), you could consider linking an offset account to it. The more money you have in your linked offset account, the less interest you'll need to pay on your home loan.

Use this account to

An offset account is a transaction account linked to an eligible home or investment loan.

The benefit of an offset account is that the money you have in this account can be used to “offset” the amount you owe on your home loan, and you'll only be charged interest on the difference. But you can still access the money in your offset account just like you do with a standard transaction account, using a debit card or at an ATM.

This is how it works:

Your home loan balance is $350,000 dollars

And you have $25,000 dollars in your offset account

So, you'll only have to pay interest on $325,000 dollars.

Now using that example, let’s see how much you could save in the long run.

Let’s say you pay your home loan off over 30 years, the interest rate stays at 5% per annum, you make all your repayments as required and you have a constant daily balance of $25,000 dollars in your offset account.

You could potentially save $75,000 dollars in interest and pay your home loan off over 3 years ahead of schedule.

So, how much you do save, depends on things like changes in interest rates and how much you have in your offset account.

So there you have it, linking your home loan to an offset account could help you pay off your loan sooner by reducing the amount of interest you pay so more of your repayments can go to reducing the principal amount of your loan.

And because you can access the money, like a normal transaction account, it’s a great option. You can even have your salary deposited directly into your offset account to help you save as much as possible and make your money work harder for you!

For more information contact us at ANZ .

Features and benefits

Unlimited ANZ transactions

$10 monthly account fee applies, but this is waived if you're on an ANZ Breakfree package

Offset your loan balance

100% of the funds in your ANZ One account will offset your loan balance

No minimum balance

No minimum balance for the offset to apply

Tax savings

Because you're not earning interest on your funds, but reducing loan interest charges instead

Access to your funds anytime

A complete transaction account that gives you access to your funds anytime with our easy ways to bank

An example of how it works

Example home loan figures

 

Your home loan balance

$350,000

In your offset account

$25,000

You'll only have to pay interest on

$325,000


 

How you could save with it

 

Estimate of interest saved

$75,000

Estimate of time saved

3 years and 3 months

(Example based on a 30 year loan at a constant interest rate of 5% p.a. with a constant daily balance of $25,000 in your offset account throughout).

Your questions answered

  • ANZ Standard Variable Rate Home Loan
  • ANZ Standard Variable Rate Residential Investment Loan
  • ANZ Fixed Rate Residential Investment Loan - 1 Year Fixed
  • ANZ Fixed Rate Home Loan - 1 Year Fixed
  • ANZ Standard Variable Rate Residential Investment Land Loan
  • ANZ Standard Variable Rate Residential Land Loan
  • ANZ Standard Variable Home Loan in a Company Name
  • ANZ Standard Variable Residential Investment Loan in a Company Name
  • ANZ Fixed Home Loan in a Company Name - 1 Year Fixed
  • ANZ Fixed Residential Investment Loan in a Company Name - 1 Year Fixed
  

ANZ One has a $10 monthly account fee and unlimited ANZ transactions. The account fee is waived if you're on an ANZ Breakfree package.

   

Yes, it is up to you how often and how much you deposit into your account. You can make regular deposits as well as one-off deposits.

  

Yes, you can still access your funds via ANZ Internet Banking, ANZ App, ANZ Phone Banking, ANZ ATMs, Visa Debit, EFTPOS and in branch at no extra cost.

  

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An offset account can be a good way to reduce the interest charged on your home loan, while also giving you access to your money whenever you need it. 

  

The information on this page does not take into account your personal needs and financial circumstances and you should consider whether it is appropriate for you and read the relevant terms and conditionsProduct Disclosure Statement and the ANZ Financial Services Guide (PDF) before acquiring any product. 

Applications for credit subject to approval. Terms and conditions available on application. Fees and charges apply. Australian credit licence number 234527.

The ANZ App is provided by Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522. Super, Shares and Insurance (if available) are not provided by ANZ but entities which are not banks. ANZ does not guarantee them. This information is general in nature only and does not take into account your personal objectives, financial situation or needs. ANZ recommends that you read the ANZ App Terms and Conditions available here for iOS and here for Android and consider if this service is appropriate to you prior to making a decision to acquire or use the ANZ App.

Terms and Conditions, fees and charges apply. Refer to ANZ Personal Account Fees and Charges booklet (PDF 139kB).

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ANZ may provide pre-approval (also known as approval in principle or conditional approval) to eligible customers who apply for an ANZ home loan and complete an application form and satisfy any other applicable requirements. Pre-approval is an approval for a loan subject to conditions being met, including that security is satisfactory to ANZ. Australian Credit Licence Number 234527.

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ANZ Mobile Lenders operate as an independently operated ANZ Mortgage Solutions franchise of Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522. Australian Credit Licence Number 234527.

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