Mortgage Offset Account

An Offset account is a great way to reduce the interest you pay on your home loan. A Mortgage Offset account can be linked to Geelong Bank Home Loan and works like a savings account, with money easily accessible, but the balance of the savings in this account is 100% offset against your loan balance.

Product Features:

Savings Accounts Features
Auto Sweep Facility :	No
Personal Cheque Facility :	No
BPAY :	Yes
Statements :	Monthly
Redicard :	No
Passbook :	No
Transfers :	Yes
Phone Banking :	Yes
Direct Credits :	Yes
Direct Debits :	No
Periodical Payments :	No
Interest Calculation :	Nil interest payable however the balance of this account reduces daily interest payable to mortgage
Statements :	Monthly
Internet Banking :	On Application
Deposits :	No
Withdrawals :	No

Money can be credited automatically to account directly from a payment forwarded to Geelong Bank.
You can split up your pay into different accounts to allow weekly/monthly regular payments to be paid or to credit funds into an account that you are using to save money.
You can access these accounts though our internet banking service 7 days a week 24 hours a day.

No fees payable on account.
You must be a registered internet/ telephone banking user. Internet banking is not available where 2 or more parties must sign to transact.
Access by Internet/Phone only.
Deposits: Funds may be transferred into the Mortgage Offset Account.
Withdrawals: Funds are At Call.
Direct Credits: Funds may be electronically transferred on a regular basis.

FAQs

Read our most frequently asked questions below or view all our Home Loan FAQs.

What is a comparison rate?

A comparison rate is the interest rate of your loan, as well as the fees and charges involved in getting a loan. The comparison rate helps you figure out the real cost of the loan, so you can compare your options more clearly. Comparison rates are calculated by all Australian financial institutions and mortgage providers with a standardised formula, which is regulated by the Consumer Credit Code.

Do I have to be a member to take out a loan?

Geelong Bank is a mutual financial institution and as such is owned by its members, each one of whom is a shareholder. Yes, you must be a member of the Geelong Bank to have a loan.

How do I make repayments on the loan?

Our preferred method is via automatic payroll deduction. However, you can arrange to make your loan repayments by direct debit from your savings or transaction account with Geelong Bank or another financial institution.

What is Lenders Mortgage Insurance?

Achieving the dream of home ownership is one of the most exciting times in your life. However, it also comes with a big challenge – the time it takes to save a substantial deposit that lenders often require (typically 20% of the home’s purchase price). If you do not have a substantial deposit saved, your lender may be prepared to provide you a home loan with a smaller deposit (as little as 5%), by taking out Lenders Mortgage Insurance (LMI).

Lenders Mortgage Insurance (LMI) is an insurance policy that your lender takes out to protect itself against the risk that you (the borrower) default on your loan repayments and your lender is unable to recover the full outstanding loan amount.

Lenders Mortgage Insurance is arranged by your lender and the premium is a one-off cost your lender pays to us (the insurer) upon settlement of your property purchase. This cost is passed on to you (the borrower) by your lender, as a fee.

We understand that buying a property is a very important decision and it can be both challenging and stressful. Geelong Bank uses Genworth to provide Lenders Mortgage Insurance. To help you navigate through the home buying process refer to the following resources:

Genworth It’s My Home magazine provides you with professional insights and tips to get you started and guide you along the way.

Mortgage Offset Account