Offest facility

Own your own home sooner with a 100% interest-offset facility

If you have a reasonable amount of savings and wish to retain access and still make use of those savings to help you pay off your home loan sooner, an interest-offset facility can work for you.

Offset your savings against the balance of your home loan with our 100% interest-offset facility, Mortgage Equaliser. The interest charged to your home loan is calculated on the difference between the home loan balance less the balance in your savings account. The benefit is the same as if you had paid the savings into your home loan but without the money leaving your transaction account!

Partial interest offset is also available.

 An example of 100% interest offset

 How does Mortgage Equaliser work?

• Mortgage Equaliser 100% interest offset is available on a Discount Variable, Introductory Fixed, Standard Variable Rate (even as a building loan) and Low Doc home loans.
• We link your BankSA Complete Freedom Account, which acts as your offset account to your home loan account. You can link up to 99 savings accounts to your home loan.
• Each day we fully offset the balance(s) in your linked BankSA savings account(s) against the amount you owe on your home loan.
• Interest is calculated daily and charged monthly only on the net amount (your loan balance less your savings account balance(s) for that day. Unlike a savings account that earns interest, which you must declare to the taxation office and pay tax on, you earn no interest on the balance(s) in your linked savings account(s). Instead it is used to reduce the amount against which interest can be charged on your loan balance. The end result is you don’t pay tax on interest you haven’t earned, and the interest payable on your home loan is reduced.

 Maximise the benefits to own your home sooner

Make your salary and savings work harder

• Move all your savings into your BankSA Complete Freedom Account.
• Have your salary and any other income paid directly into your Complete Freedom Account.
• Because Mortgage Equaliser provides a 100% interest offset benefit on your savings, every dollar you have is working from the minute you receive it to reduce the interest you pay on your home loan.

Take advantage of "interest free" period on your BankSA credit card¹

• Pay as many of your day-to-day living expenses and purchases as possible with your BankSA MasterCard or VISA credit card, which gives you up to 55 days interest free on purchases. (You also have easy access and control of all your money through ATM, EFTPOS, cheque, Phone & Internet Banking, but your BankSA credit card gives you up to 55 extra days that your money can be reducing the interest on your loans.)
• Arrange to have your card’s payment automatically made from your Complete Freedom Account each month, allowing you to leave your salary in your savings account for as long as possible. This maximises the length of time your funds are in your savings account and generating a 100% interest offset benefit for your home loan.

Repayment offset for investment loans with interest based repayments.

• Customers making interest based repayments on their investment loans and who have a linked Mortgage Equaliser 100% interest offset account, can now also take advantage of the 'repayment offset' option at no additional cost. This option works to reduce the required monthly interest based repayment amount by the amount of the monthly 100% interest offset benefit, rather than reducing the loan principal.

Learn more about how a 100% interest-offset facility can help you own your home sooner. Call a home loan expert on 13 13 76 8am - 8pm (CST) seven days.