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What is an offset account and how does it work?

An offset account is similar to a savings account that is linked to your home loan and offsets the balance of your home loan. This means you will 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.

Qantas Money offers 100% offset accounts with all of our home loans, including our fixed rate loans. 

Can I 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. We will also send you a debit card so that you can access funds in the account for regular transactions. 

It is important to remember that the more you have in your offset account, the less interest you are paying on your home loan. 

Is my money 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.

Qantas Money Home Loan offset accounts

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 Visa Debit card which you can use like any other Visa Debit or EFTPOS card, including the option to use ATMs free of charge, like all other banks; 
  • a BPAY facility to make bill payments; and 
  • 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 (this can be significant, so make sure you weigh up the costs and benefits). Removing an offset account from your existing home loan will incur the same $150 fee.

To add or remove an offset account before settlement, please give us a call on 1300 992 700 or email

To add or remove an offset account after settlement, please give us a call on 1300 992 700 (Option 3) or email

What is the difference between an offset account and a redraw facility? 

Redrawing simply means accessing any extra payments (that is, repayments in excess of the regular minimum) that you’ve made on your home loan. With Qantas Money, you can do this whenever you want - free - using online banking.

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