Products
Everyday Offset
Eligibility Criteria
This product is available to:
- Individual customers (companies, trusts or any other entity are not eligible).
- Customers who hold an eligible variable rate home loan or investment home loan.
- Customers who are actual borrowers on the home loan, e.g. Ben and Jerry have an eligible home loan, an Everyday Offset can be linked to:
- ✅ Ben’s individual account → Eligible
- ✅ Jerry’s individual account → Eligible
- ✅ Ben & Jerry’s joint account → Eligible
- ❌ Tom & Jerry’s joint account → Not eligible (Tom isn’t a borrower)
Customer objectives, financial situation and needs
This product is for customers wanting the ability to reduce the interest payable on their eligible variable rate home loan and use the account as a transaction account for everyday banking purposes.
Note:
- Your customers should consider the tax implications of taking up an Everyday Offset Account for an investment or Interest Only home loan.
- In some scenarios, redraw may be more appropriate for your customer. You can use this link to help explain the key differences between offset and redraw.
Everyday Offset Benefits and Eligibility:
- For Standard Variable Rate home loans, customers can link multiple Everyday Offset Accounts (these can be in individual and/or joint names) to an eligible loan.
- For Simple Home Loans, customers can link up to two Everyday Offset Accounts to an eligible loan. A $10 monthly Offset Feature fee applies.
- For Digi Home Loans, customers can only link one Everyday Offset Account to an eligible home loan. A $10 monthly Offset Feature fee applies.
- Funds in an Everyday Offset Account (up to the balance of your customers eligible home loan) will offset the balance helping your customer save on interest.
- CommBank don't pay credit interest on an Everyday Offset Account, even if the balance of the account is greater than the balance of the linked home loan.
- An Everyday Offset can’t be linked to multiple eligible home loans at the same time.
- If you customer elects to change loan type which isn’t eligible for Everyday Offset, the account will become unlinked and will no longer offset the home loan. If the account remains unlinked, it will revert to a Smart Access account within 45 calendar days.
Key features
- Depending on your customers home loan type, there may be a limit on the number of offsets a customers can link and a monthly Offset Feature fee may apply.
- you can easily access this money by:
- Debit Mastercard (including Platinum and World Debit;
- Direct Debit;
- Online banking (NetBank, CommBank App, CommBiz, CommBiz App);
- Phone Banking;
- In person (at branches, over the phone, with a relationship manager or mobile banker and Australia Post Offices; and
- ATMs.
- The customer account may become overdrawn when honouring a payment.If this happens, a fee will be incurred.
- This feature is optional and can be deactivated at any time through the CommBank app, Netbank, in branch or by calling CommBank.
Note: The feature is only available to customers aged 18 or over.
How to switch an account to Everyday Offset via NetBank
A comprehensive ‘Manage my offset’ guide is available to help you instruct your customer through the process of linking or de-linking an Everyday Offset account via NetBank.
Your customer can switch an eligible account (listed below) online via NetBank or the CommBank app with their eligible variable rate home loan.
If your customer doesn’t already have an eligible transaction account, they’ll need to open a Smart Access account first:
| Step. | Process |
|---|---|
| 1. | Log on to NetBank |
| 2. | Search ‘Offset’ in the search bar and select ‘Manage my Offset’ from the dropdown menu |
| 3. | Click on the ‘Open Smart Access account’ button and follow the instructions to open a Smart Access transaction account |
| 4. | Switch your transaction account to an Everyday Offset using the instructions below |
Switch your Smart Access account to an Everyday Offset account:
Once your customer has opened their eligible transaction account, instruct them to follow the below steps to switch it to an Everyday Offset Account:
| Step | Process |
|---|---|
| 1. | Search ‘Offset’ in the search bar and select ‘Manage my Offset’ from the dropdown menu |
| 2. | Click on the ‘Link an offset’ button |
| 3. | Confirm the selected home loan and select the eligible transaction account to switch |
| 4. | Click ‘Link’ to complete the process |
More general information about the Everyday Offset product can be found here: Everyday Offset Fact Sheet
Accounts that can be switched to an Everyday Offset
A range of eligible transaction accounts (listed below) can be switched into an Everyday Offset, enabling customers to retain existing account numbers
- Smart Access
- Streamline Basic
- Private Bank Account
- Viridian Line of Credit
- NetBank Saver
- GoalSaver
- Cash Investment Account
- Withdrawn accounts like Complete Access, AwardSaver and Cash Management Call Account
Account access options
| Access options | Available |
|---|---|
| CBA Branch and Agency network |  |
| NetBank | |
| CommBiz | |
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Cards (ATM, EFTPOS / EFTPOB, Maestro / Cirrus / Visa Plus):
|
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| Passbook |  |
| BPAY | |
| Direct debit / periodical payments (including scheduled transfers and AFTs) | |
|
Direct credits |
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| Osko payments | |
Home Loan Interest Rates and Fees
Everyday Offset Application Process
The target market for this product will be found within the product’s Target Market Determination, available here