100% Loan Offset account is a transaction account available with eligible variable rate home loans. The account does not earn interest as the balance is offset against the loan balance, reducing the interest that you pay on your home loan.*

Product Features:

Everyday Banking
Monthly fee : $7.50
Mutual Visa Debit Card : Available
ATM/Eftpos access : Yes
Internet banking : Yes
The Mutual App : Yes
PayID/Osko® : Yes
BPAY® : Yes
Mutual Alerts : Available
Bank@Post : Yes, with a linked Mutual Visa Debit Card

Important Information

Rather than attracting interest on your at-call deposit account, which may be taxable income, The Mutual Bank reduces the balance of your loan for interest calculation purposes by the amount held in your 100% Loan Offset Account each month. In this way, funds held in your deposit account are saving you interest on your loan account. This can be a tax effective means of holding cash available for all your transaction needs, while minimising the interest on your loan.*

Both the Loan Saver and 100% Loan Offset accounts have been approved by the Australian Taxation Office only on the basis that no interest is earned. The interest offset accrues on these accounts up to the point where the balance of the account equals the balance owing on the home loan. No interest offset accrues on the portion of the balance of the Loan Saver or 100% Loan Offset account which exceeds the balance outstanding on the loan.

® Registered to BPAY Pty Ltd ABN 69 079 137 518