Offset variable

A variable interest rate home loan that allows you to use your savings to reduce the interest charged on your mortgage. Offset the funds in your linked Everyday account against the balance of your home loan.



You can enjoy the following benefits:

  • redraw (minimum $50)
  • no penalty fees for early or additional repayments
  • flexible repayment options weekly, fortnightly or monthly
  • interest calculated daily and debited monthly in arrears
  • pre-approval certificate (valid for three months)
  • no-obligation quotes for pay-by-the-month insurance (with an option of 90 days free building insurance cover during settlement period).

By offsetting your savings, if you borrow $200,000 and the average balance in your offset savings account is $20,000, we will only calculate interest on $180,000.


To be eligible, you must:

  • be a BankVic member
  • be 18 years and over
  • meet our lending assessment criteria and
  • have an Everyday account


Features of our offset variable rate home loan includes:

  • minimum loan amount $20,000
  • maximum loan term 30 years
  • loan portability.

Rates & fees


 Rate paComparison rate pa
Owner-occupied1 3.97%4.01%
Investment2 4.69%4.73%

1 Offset variable rates effective 5 March 2020 for new borrowers; 16 March 2020 for existing borrowers.
2 Offset variable rates effective 5 March 2020

WARNING: This comparison rate is 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. Comparison rate for our home loan is based on a on a new loan for a property purchase secured by a freehold property located within the metropolitan area and associated costs. The rate has been calculated on a loan amount of $150,000 over a term of 25 years.

Key facts sheet

You can also request a home loan key facts sheet which will highlight important information such as the total amount that you need to repay over the life of your loan.

Fees & Charges

Refer to Fees & Charges (PDF) for information on current fees & charges.

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4 easy ways to apply

Before you apply...

We recommend that you read our Credit Guide (PDF).

BSB: 704 230

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