Understanding your Resimac offset account
How a Resimac Offset Account works and the benefits it can provide
A Resimac Offset Account can help reduce the interest charged on your home loan while giving you convenient access to your available funds.
Whether you're saving for future goals, managing everyday expenses or looking to reduce your interest costs, an offset account can be an additional tool in your home loan repayment strategy.
Key benefits of a Resimac Offset Account
Part of your Loan
A Resimac Offset Account is linked to your eligible home loan and helps reduce the balance used to calculate interest.
Reduces Interest Charged
Funds held in your offset account reduce the balance used to calculate interest on your home loan.
Access Your Funds
- Visa Debit Card
- BPAY®
- Online Banking
- Mobile Banking
- Electronic Transfers
No Establishment Fee
There are no fees to establish a Resimac offset account.
How Resimac's offset account works
As a non-bank lender, Resimac’s offset account is not a separate transaction or deposit account.
Instead it forms part of your home loan as a separate portion and is designed to help you reduce the balance used to calculate interest on your loan.
Any funds held in your offset account reduce the amount of your loan balance on which interest is charged.
In this example, although the loan balance remains $500,000 interest is only calculated on $400,000 because of the funds available in the offset account.
This means your money can continue working to reduce the interest charged on your home loan while remaining easily accessible when you need it.
What Makes Resimac's Offset Account Different?
As a non-bank lender, Resimac's offset account operates differently from a traditional savings account.
Rather than earning interest, the benefit comes from reducing the balance used to calculate interest on your home loan.
This allows your available funds to work towards reducing your loan costs while remaining accessible when needed.
Offset account vs redraw: What’s the difference?
Both an offset account and a redraw facility can help reduce the amount of interest charged on your home loan, but they work differently.
Offset account:
An offset account holds available funds separately from your loan balance and uses those funds to reduce the amount on which interest is calculated.
Benefits:
- Easy access to available funds
- Helps reduce interest charged
- Can assist with day-to-day cash flow management
Redraw facility
A redraw facility provides access to additional payments you have already made above your required loan repayments.
Benefits:
- Helps reduce your loan balance
- Allows access to eligible extra repayments if needed
- Can support longer-term loan repayment strategies
The option that best suits you will depend on your personal circumstances, how you prefer to manage and access your money and your financial situation.
Frequently Asked Questions
What is an Offset Account?
An offset account uses the funds available in the account to reduce the balance used to calculate interest on your home loan.
How do I access funds in my Offset Account?
Funds can be accessed through:
- Visa Debit Card
- BPAY
- Online Banking
- Mobile Banking
- Electronic Transfers
Does an Offset Account earn interest?
No. The benefit comes from reducing the amount of interest charged on your home loan rather than earning interest like a savings account.
What's the difference between an Offset Account and a Visa Debit Card?
Your offset account helps reduce the interest charged on your loan.
Your Visa Debit Card provides access to the available funds within the offset account for everyday transactions.
Still have questions about your offset account?
We’re here to help. If you’d like us to review your loan account or confirm your offset account is linked correctly, our team can assist.
Which is best for you depends on your personal circumstances, how you like to manage your money and your current financial situation. Plus, any extra interest or fees you may need to pay for using either one.