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Offset Home Loan

Get more bang for your buck with an offset home loan. You can use your savings to offset the interest you pay, and access your money when you need it. 

From

6.14
% p.a.

Variable rate

6.17
% p.a.

Comparison rate*

Why choose an Offset Home Loan?

Free redraw

So you can access your funds if you’re ahead on your repayments.

100% offset account

The money in your account will reduce the interest you pay.

Borrow up to 95%

You can buy your home with as little as a 5% deposit.^

No ongoing fees

No ongoing monthly loan maintenance fees.

The home loan features don't stop there

  • Competitive variable interest rate.
  • No ongoing monthly or annual fees.
  • 100% offset account so you can save on interest and reduce the amount you pay on your home loan.
  • Tiered interest rates so you can benefit from a lower rate when you borrow less.
  • Choose to repay weekly, fortnightly, or monthly.
  • Make extra payments without penalty, so you can own your home sooner.
  • Access your additional repayments and redraw online if you’re ahead.

How an offset account works

An offset account is a transaction account linked to your home loan. Every dollar in the account is offset against your home loan balance, which reduces the amount of interest you pay each month. 

For example, if you have $30,000 in your offset account, and a loan balance of $400,000, you’ll only be charged interest on $370,000. Every dollar you save on interest adds up over time, helping you to save thousands over the life of your loan.

Plus, if you have your salary paid into your offset account, every dollar you earn will work in your favour until it’s spent.

Infographic illustrating the concept of an offset account. On the left, without an offset account, interest is shown being paid on a $400,000 loan amount. On the right, with an offset account containing $30,000, interest is shown being calculated on $370,000 of the $400,000 home loan balance.


Rates and fees

The basics

Loan purpose Owner occupier
Minimum loan amount $20,000
Maximum loan term 30 years
Optional linked offset account Mortgage Offset Saver Account

Interest rates

Loan to Value Ratio (LVR) Variable rate
Comparison rate*
Less than 60% 6.14% p.a. 6.17% p.a.
Less than 80% 6.23% p.a. 6.26% p.a.
Less than 95%^ 6.39% p.a. 6.42% p.a.

Fee type
Monthly fee $0.00
Annual fee $0.00
Document preparation fee $300.00
Switch fee (from other BCU Bank loan) $300.00

Other fees & charges that apply to all of our accounts can be found on our fees and charges page.

How much could you borrow?

Use our handy home loan borrowing power calculator to get an idea of much you could potentially borrow. We’ll just need the basics about what you earn, spend, and owe, and we’ll figure out the rest.

Home loan borrowing power calculator

More calculators

Ready to apply for a home loan?

It’s easy to get started with a BCU Bank home loan. Choose the way that suits you:

  • In your nearest branch – remember to bring all your ID and supporting documents with you.
  • Over the phonecall us on 1300 228 228 and one of our friendly consultants will help you with your home loan application.
  • At home or at work – our mobile lending team can meet at a time and place that suits you, or we can set up a video call.

A little preparation can make your home loan application quicker and easier. Make sure you have the following ready:

  • Identity documents
    • primary photo ID (e.g. passport or driver licence), or
    • primary ID without a photo (e.g. birth certificate or citizenship certificate) and a secondary ID (e.g. utility bill with your name and address on it).
  • Employment details – contact details of your current and previous employer (if current is less than two years).
  • Income details – payslips or, if you're self-employed, tax assessments for the last two years, and financial statements.
  • Regular expenses – such as rent, food, electricity, insurance, telcos, and medical costs.
  • Assets – a rundown of any assets that you own (any cars, savings accounts, home contents, properties, investments).
  • Liabilities – the details of any loans, credit cards, buy now pay later, or other debts you have.

Got everything ready? Book an appointment with one of our home loan specialists today.

Request an appointment

Because we're here to help

We'll call you

Drop us your details and one of our home loan specialists will be in touch.

Talk to the team

Got a question? Call us on 1300 228 228, pop into your local branch, or chat to us online.

We’ll come to you

We know your time is precious, so our home lenders will come to you on your terms.

Got a question about home loans?

Buying a property costs much more than just the purchase price. You'll need to consider additional costs such as stamp duty, building and pest inspection fees, strata costs, pro rata council rates, transfer fees and more.

Use our home buying and selling cost calculator to get an accurate breakdown of the costs involved. 

Depending on your application, we can provide loan pre-approval in as little as 24–48 hours, and we are doing so for many of our customers. 

For more complex applications, unconditional finance approval or where a valuation of your property is required, it can take between five and seven days to process all the documentation.

A redraw facility allows you to access the additional payments that you have made on your loan, less the next repayment due.

Not all loans offer the option to redraw your extra payments, so you should consider this when choosing your loan type.

You may have authorised loan redraw access when you signed your loan contract. If not, you'll need to complete the Redraw Authority Nomination form. 

You can return the completed form in branch or via Secure Mail in internet banking. 

Download Redraw Authority Nomination Form - PDF (71 kB)

Important information

Banking and Credit products issued by Police & Nurses Limited (BCU Bank).

Any information on this website is general in nature and does not consider your personal needs, objectives or financial situation. Our rates are current as of today and can change at any time. Credit eligibility criteria, terms and conditions, fees and charges apply. 

Please consider the terms and conditions and whether a product is right for you. 

*Comparison rate calculated on a loan amount of $150,000 over a term of 25 years based on monthly repayments. For variable Interest Only loans, comparison rates are based on an initial 3 year Interest Only period. For fixed Interest Only loans, comparison rates are based on an initial Interest Only period equal in length to the fixed period. During an Interest Only period, your Interest Only payments will not reduce your loan balance. This may mean you pay more interest over the life of the loan.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

^If you are borrowing more than 80% of the property’s value (Loan to Value Ratio), you may be required to pay Lenders Mortgage Insurance (LMI).