Products
Everyday Offset
Eligibility Criteria
This product is available to:
- Customers who hold an eligible variable rate home or investment home loan.
- Only available in the names of borrowers to the home loan, e.g. Ben and Jerry have an eligible home loan, an Everyday Offset can be applied to:
- Ben's individual account; or
- Jerry's individual account; or
- Ben and Jerry's joint account; but
- Not to Tom and Jerry's joint account.
- Individuals.
Customer objectives, financial situation and needs
This product is for customers wanting the ability to reduce the interest payable on their SVR loan and use the account as a transaction account for everyday banking purposes.
Key features
- Depending on the loan type, there may be a limit on the number of offsets customers can link and an Offset Feature fee may apply under the home loan account and be charged to the loan account.
- Credit balances in the account reduce the balance on which we charge interest from a linked eligible variable rate home loan.
- Deposit money into the account and access this money by:
- Debit Mastercard;
- Platinum Debit Mastercard;
- World Debit Mastercard;
- Direct Debit;
- Online banking including NetBank, CommBank App, CommBiz, CommBiz App;
- Phone Banking;
- Staff assisted channels e.g. in branch, over the phone, with a relationship manager or mobile banker and Australia Post Offices; and
- ATMs.
- The account may become overdrawn when honouring a payment. Customers incur a cost when their account becomes overdrawn. This feature can be deactivated at anytime by the customer using the CommBank app, Netbank, in branch or by calling Commbank and is only available for customers aged 18 and over.
Note: Customers need to consider the tax implications of taking up the Everyday Offset for an investment home loan or Interest Only loan, as this feature may not be suitable for their needs.
Offset Functionality
- When it's linked to an eligible variable rate home loan or investment home loan, 100% of the balance of the Everyday Offset is offset daily against the debit balance of the loan.
- Where the Everyday Offset balance is greater than the total amount of the home loan / investment home loan balance, the offset only applies to the amount of the loan remaining.
- CommBank don't pay credit interest on an Everyday Offset account even if the balance of the account exceeds the balance of the linked home loan.
- Multiple Everyday Offsets (up to a maximum of 99) can be linked to the same SVR home loan or investment home loan, provided they’re in the name(s) of the loan borrowers
- An Everyday Offset can’t be linked to multiple home loans
- For Standard Variable Rate Home Loans, customers can link multiple Everyday Offset accounts (these can be individual and/or joint names) to their eligible home loan.
- For Digi Home Loans, customers can only link one Everyday Offset account to an eligible home loan. A monthly Offset feature fee applies.
Accounts that can be switched to an Everyday Offset
A range of eligible transaction accounts 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
- Complete Access (withdrawn)
- AwardSaver (withdrawn)
- Cash Management Call Account (withdrawn).
Account access options
| Access options | Available |
|---|---|
| CBA Branch and Agency network |  |
| NetBank | |
| CommBiz | |
|
|
Cards (ATM, EFTPOS / EFTPOB, Maestro / Cirrus / Visa Plus):
|
|
| Passbook |  |
| BPAY | |
| Direct debit / periodical payments (including scheduled transfers and AFTs) | |
Direct credits |
|
| Osko payments | |
Note: Customers with an existing home loan may submit a request for an Everyday Offset account via NetBank (see how to do so here under ‘How to apply’), or alternatively may be referred to Broker Customer Connect or call us on 13 2224.
Home Loan Interest Rates and Fees
The target market for this product will be found within the product’s Target Market Determination, available here