6.79 % p.a.
What are multiple offset accounts?
Multiple offset accounts are transaction accounts that are linked to your eligible variable rate home loan, which can help you to save interest and potentially cut years off your home loan . The money in these accounts is used to ‘offset’ your loan balance when calculating interest on your home loan. With a standard home loan, you pay interest on the total amount owing. But with offset accounts, interest is charged on the difference between your home loan balance and the total amount in your linked offset accounts, allowing you to pay less interest while keeping your money organised.
How multiple offset accounts work
To understand the impact of a multiple-offset arrangement, let’s explore a few scenarios. Say you’ve taken out a 30-year mortgage for $500,000. Now suppose you pay an average interest rate of 5.0% per annum.
1. Without an offset account
You would pay interest on the balance of the home loan. In this example you’re paying on a $500,000 balance.
2. With a single offset account
If you had an offset account with $50,000 in it, you would pay interest on a balance of $450,000.
3. With multiple offset accounts
If you have multiple offset accounts, the combined balance across all linked transaction accounts is used when calculating interest.
Benefits of a multiple offset arrangement
Reduce interest owed
NAB’s multiple offset arrangement uses the balances in your linked accounts (up to 10 transaction accounts) to offset your loan balance, reducing the interest on your home loan.
Cash access when you need it
It’s easy to access the money in your offset account/s at any time. While withdrawing cash will impact the interest you accrue, it’s comforting to know your money is available when you need it.
Financial flexibility
Set up separate accounts to organise your money for your unique goals – like bills, savings, holidays or everyday spending – while still cutting down your loan interest.
Offer
Featured offer rate
Offer
This offer is for new Owner occupierAn owner-occupier owns the home they live in which is used as their primary residence. They don’t rent out the home or use it for investment purposes. , principal and interest home loans where the customer takes a variable rate with offset NAB Tailored Home Loan and has a deposit of 30% or more of the property value (maximum permitted Loan to Value ratio of 70%).
Variable rate
Comparison rate
6.87 % p.a.
Application fee
$ 0
Monthly service fee
$ 8 monthly
For more information on comparison rates and the fees and charges that can apply, please refer to our important information below.
How to add your multiple offsets
Use our simple instruction guide to add or make changes to your offset accounts in the latest version of the NAB app.
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Not already registered? Download or update the NAB app today.
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Tap Login on the home screen.
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Explore home loan guides
What is an offset account?
Learn about offset accounts, how they work and the benefits of a multiple offset arrangement.
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Compare your redraw facility and offset accounts to learn how they can work in different ways to help you meet your goals.
How to refinance your home loan
Find out all you need to know about refinancing your home loan.
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Other important information
NAB App – NAB recommends you consider the Internet Banking terms and conditions document before making any decisions regarding this product. This product is issued by National Australia Bank Limited. The NAB Mobile Banking app is compatible with Android and iOS, minimum platform requirements apply.
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