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.

At Tic:Toc, we offer 100% offset accounts with all of our 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.

Tic:Toc offset accounts

Unlike some other lenders, at Tic:Toc 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 Tic:Toc 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@tictochomeloans.com and we’ll help.

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