Police Bank Home Loan Offset Account
Learn how an Offset account works and how it could help you pay off your home loan sooner. It’s an everyday transaction account that offers:
- No ongoing monthly or annual fees
- No minimum or maximum balance
- Up to 8 accounts
What is an Offset account and how does it work?
An Offset account works like an everyday account, but it is linked to your home loan. The money in your Offset reduces the balance used to calculate interest. This means you pay less interest and may help you pay off your home loan sooner.
For example, if you have a $750,000 home loan and $20,000 in your Offset account, interest is only charged on $730,000.
Think of it as a smart and simple way to make your money work harder, just by keeping your everyday funds where they can do the most good.
Bank Smarter. Save More.
Reduce interest automatically
Think you need big savings to make a difference? Even everyday pay in your offset account can help reduce the amount of interest on your home loan. Start saving on interest from day one.
Use it like a transaction account
Worried an offset account will lock your cash away? Use it like your regular account to pay bills, shop and transfer as normal while every dollar offsets your home loan interest until you spend it.
Free Offset account with real flexibility
Tired of fees eating your savings? Police Bank’s offset has no monthly fees or minimum balance, so more of your money actually reduces your home loan interest.
Multiple accounts for better control
Fed up with one account for everything? Open up to eight Offset accounts to organise bills, savings and goals, and help reduce the amount of home loan interest you pay.
Ready to apply?
Your Questions Answered
We’re Here to Help
Need support setting up your Offset account or linking it to your home loan? Our team is ready to help you understand how Offset accounts work and make the most of your money.
New to Police Bank? You can set up your Offset account when you apply for your home loan. Simply choose the Offset option during your application.
Already have a home loan with us? If you’re eligible, you can link an Offset account by requesting a callback from one of our lending specialists, or visiting your nearest branch.
Important Information
This content is general in nature and does not take your personal objectives, financial situation or needs into account. An offset account is a transaction account linked to an eligible home loan. The balance in the offset reduces the amount of interest charged on your loan. No interest is paid on the offset account itself. Availability, features and fees vary by product. Offset accounts are usually offered with selected home loan products; fixed rate loans do not have offset options. Fees charges, eligibility and lending criteria apply. Interest rates, fees and product details can change at any time. Before making any decision, review the current product information and seek independent advice to ensure it is right for you. Examples provided are for illustration only and are not guarantees of future savings. For tax questions, speak with a registered tax adviser or the ATO.