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Do you have an offset account and how does it work?

An offset account is like a savings account that’s linked to your home loan which offsets the balance of your home loan, so you only pay interest on the home loan balance minus the amount in your offset account. If you have a decent balance in your offset account, you could save thousands of dollars in interest over the life of your loan.

We offer 100% offset accounts with all of our Tiimely Own home loans, including our fixed rate loans. You can find more information on our offset account here.

Can you withdraw money from an offset account?

An offset account has most of the features of a normal transactional savings account. You can deposit money into it and withdraw from it any time to pay bills or for day-to-day expenses.

The thing to remember is that the more you have in your offset account, the less interest you are paying on your home loan, so the more you can keep in there without withdrawing, the better off you will be.

Your money is protected

Your offset account is maintained by our funder, Bendigo and Adelaide Bank, who are an Authorised Deposit-Taking Institution (ADI). This means your offset account is guaranteed under the Australian Government's Financial Claims Scheme (FCS) for up to $250,000.

Tiimely Own offset accounts

Unlike some other lenders, at Tiimely Own we don't build the cost of the offset account into our interest rate. You simply pay $10 per month for the feature instead. Our offset accounts include;

  • A Tiimely Own Visa Debit card which you can use like any other Visa Debit or EFTPOS card, including at any Suncorp or Bendigo ATM free of charge.
  • A BPAY facility to make bill payments and a swipe option to make transactions at retail stores.
  • Deposit and debit features just like a normal bank account.

Adding or removing offset account

If you decide after you get your home loan that you'd like an offset account, you can add one to your existing home loan for a fee of $150. If you are on a fixed rate an additional break cost will also apply. Removing an offset account from your existing home loan will incur the same fees.

To add or remove an offset account, give us a call on 08 7109 9010 or email myloan@tiimelyhome.com.au and we’ll help.

Click here to learn more about offset accounts, and how they differ from redraw facilities.

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Legal things about our rates
Our home loans are subject to credit criteria and eligibility requirements. Home loan interest rates are for new customers only and can change. Our comparison rates are based on a $150,000 loan amount over a 25 year term. They factor in fees associated with applying for the loan; ongoing fees and fees associated with leaving the loan. Our fixed loans roll to a variable principal and interest rate at the end of the fixed term. If the interest only period is not specified, the comparison rate is calculated on a one year period.

WARNING: The comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Tiimely Turnaround
^Our turnaround times are up to 2x faster than the industry, based on a comparison of our average platform submit to approval time compared to industry submit to approval time, published here  (June 2023). Customer turnaround times are dependent on individual circumstances and may require an assessor to obtain more information.

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