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Offset Calculator

Frequently Asked Questions

Q. What does the Offset Calculator do?
Q. What is an offset account?
Q. Can I have my salary, rent etc paid into the offset account?
Q. What offset accounts are available?
Q. What is an ANZ One Offset Account?
Q. Can I have offset account on a business loan?
Q. What is the minimum balance which must be held in the account to invoke offset?
Q. Is it tax effective?
Q. Do I still have access to my funds?
Q. Is offset available on all loan types?
Q. How do you find out more?
 

Q. What does the Offset Calculator do?
A. The Offset Calculator will calculate the estimated amount of interest that you may be able to save on your loan by depositing funds into an offset account.

This offset calculator will estimate the following:

  • Indicative Interest savings that could be made either monthly, annually or over the term of the loan by depositing funds into an offset account.
  • The overall reduction in the term of the loan that may be achieved by depositing funds into an offset account.

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Q. What is an offset account?
A. An offset account is a separate savings account where the balance is offset daily against the loan amount. For example, if you have $5000 in your offset account, 'notional' interest is earnt on these funds, at the same interest rate as your linked loan. This 'notional' interest is offset against the interest payable on the loan.
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Q. Can I have my salary, rent etc paid into the offset account?
A. Yes, any regular periodic or 'one-off' deposits may be lodged into ANZ offset accounts.
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Q. What offset accounts are available?
A. ANZ One & ANZ Business Mortgage Loan Offset Account can be used as an offset account.
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Q. What is an ANZ One Offset Account?
A. ANZ One is a savings or cheque account which can be linked to particular ANZ home and residential investment loans. To find out more click here.
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Q. Can I have offset account on a business loan?
A. Yes, if you have an ANZ Home Loan (in a company name), ANZ Business Variable Rate Residential Investment Loan or ANZ Variable Rate Business Mortgage Loan you can link this to an ANZ Business Mortgage Loan Offset Account.
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Q. What is the minimum balance which must be held in the account to invoke offset?
A. The minimum balance required to trigger offset is as follows:

ANZ Oneno minimum
Business Mortgage Loan Offset Account$5,000

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Q. Is it tax effective?
A. It may be, depending on your personal circumstances. Under current legislation income tax is not payable because you earn no interest from the credit funds in the offset account as the benefits flow straight through to interest savings on your linked loan. Nor, under current legislation, is tax payable on the interest saved on your linked ANZ loan.

For example, say you have a balance of $5000 in ANZ One. Imagine that you are earning interest on the $5000 at the same rate as you are paying on your home loan, say, 7.55%. This interest would normally be paid into a traditional every day account, and you'd pay tax on it. However, with ANZ One, this interest is deducted from the interest payable on your linked ANZ loan, creating a saving which works to reduce the length of your loan.

Please note that ANZ believes that the legal and taxation consequences are as described. However, ANZ does not offer any legal or taxation advice to customers. We recommend you obtain your own professional advice regarding the taxation implications.
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Q. Do I still have access to my funds?
A. Yes, with ANZ One, funds can be accessed anytime via ANZ Internet Banking, ATM, EFTPOS, ANZ Phone Banking and at ANZ Branches. This flexibility lets you access cash daily with unlimited free withdrawals.*

ANZ Business Mortgage Loan Offset Account funds can be accessed anytime via ATM, EFTPOS, ANZ Phone Banking, ANZ Internet Banking and over the counter at ANZ Branches. Minimum withdrawal is $1,000 and you have five free transactions per month.

ANZ Home Loan Interest Saver funds can be accessed at your ANZ branch, ANZ ATM, or you can transfer funds between your accounts via ANZ Phone Banking or ANZ Internet Banking.

*Non-ANZ ATM fees apply.
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Q. Is offset available on all loan types?
A. No, ANZ One and ANZ Home Loan Interest Saver offset is only available on the following ANZ loans:

  • ANZ Standard Variable Rate Home Loan
  • ANZ One Year Fixed Rate Home Loan
  • ANZ Easy Start Home Loan*
  • ANZ Residential Land Loan
  • ANZ Home Improvement Loan
  • ANZ Supplementary Loan (variable and one year fixed)
  • ANZ Variable Rate Residential Investment Loan
  • ANZ One Year Fixed Rate Residential Investment Loan
  • ANZ Easy Start Residential Investment Loan*

Whilst ANZ Business Mortgage Loan offset account is only available on the following ANZ loans:

  • ANZ Variable Rate Business Mortgage Loan
  • ANZ Standard Variable Rate Home Loan (in a Company name)
  • ANZ One Year Fixed Rate (in a Company name)
  • ANZ Business Variable Rate Residential Investment Loan
  • ANZ Business One Year Fixed Rate Residential Investment Loan

If you are unsure if your loan allows for offset, please refer to the Terms and Conditions of your loan to see if offset is applicable.

*This product is no longer available for sale
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Q. How do you find out more?
A. To find out more, talk to your ANZ manager or lending specialist. To arrange a meeting,call into any ANZ Branch, or submit an e-mail enquiry.
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