Mortgage Offset Account

The Mortgage Offset account is a transaction account with one big difference… it has a 100% mortgage offset facility, which will help you pay off your home loan sooner.

To be eligible for a Mortgage Offset account, you must have a Premium Home Loan with AMP Credit Union.

How does it work?

The offset facility reduces the interest you pay on your home loan by linking it to your everyday savings account. You use the savings account for your day-to-day transactions and the balance in that account is used to reduce the balance of your home loan for interest calculations.

So you have access to your funds when you need them, but at the same time put them to work by reducing the amount of interest you pay on your home loan.

A Mortgage Offset account can be used to offset your savings against either a new or existing Premium Home Loan held with AMP Credit Union.

An example of how it works:

What interest will I earn?

The Mortgage Offset account offers a 100% offset facility, so you effectively earn the same rate of interest on your savings as you pay on your home loan.

The Mortgage Offset also has tax advantages. Interest calculated on your savings is deducted from the interest payable on your mortgage loan, therefore no tax is payable on your Mortgage Offset account.

So any excess funds you have in your savings or investment account are best placed in your Mortgage Offset account when you consider that the rate of interest and tax advantages.

Accessing your Account

You decide how to best use your account. You may choose to:

• Have your pay directly deposited to your account (direct credit)
• Have regular bills automatically paid (direct debit)
• Withdraw cash at ATMs and make purchases worldwide (Visa Debit Card)
• Withdraw cash at ATMs and make EFTPOS purchases in Australia (Redicard)
• Pay bills over the phone or on the Internet (BPay or Visa Debit Card)
• Make payments with your personal cheque book

A Low Fee Account

Unlike many other financial institutions, there are NO account-keeping fees and NO transaction fees on the Mortgage Offset account. Some special service fees may apply, to find out more click here for a list of our current fees and charges.

Access to Phone and Internet Banking

With AMP Credit Union’s Mortgage Offset account, you can use Phone Banking to find out about your account 24 hours a day, 7 days a week.

This service allows you to check your account balance, whether your pay has gone into your account, whether a cheque has been presented, and so on.

You can also access this same information by using our internet banking service that is available from this website.

Getting Started

To register for Phone Banking, simply download the Phone Banking Registration Form.

To register for Internet Banking, download the Internet Banking Registration & Limit Increase Form.