Offset Flexible Mortgage common questions

• If I offset, do I need to close my current account and open a new one?
• Do I earn interest on my savings?
• Do my mortgage payments stay the same?
• How many current and savings accounts can I include in offset banking?
• How much can I borrow?
• How do I pay my mortgage?
• Can I make additional payments to my mortgage?
• Can I have an interest only mortgage?

If you're a Current Plus, Private, Advantage Private, Advantage Gold or Graduate customer you can add your existing account without changing any of your account details. If you have eligible business accounts, these can also be used without changing any account details.

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Not if your mortgage is more than your savings. Instead, your savings are used to offset your mortgage and reduce the interest you pay on your mortgage.

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Your mortgage payments will depend upon changes in interest rates. If the interest rate goes down, we will keep your payment amount the same (i.e. there is a minimum monthly payment amount) which will help you reduce the outstanding balance on your mortgage quicker or we can reduce your payments to match the new rate at your request.

If you are already paying more than the minimum repayment amount and the interest rates go up, as long as your existing amount covers the new interest rate, we will not change your payments.

Your repayments may also change if you decide to take a payment holiday, underpay or take additional borrowing.

Please read this important legal information

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One eligible current account and up to three First Reserve savings accounts

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Use our borrowing calculator to find out how much you can borrow based on your salary.

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Simply complete a direct debit form when you sign your mortgage offer and the minimum payment will be debited monthly.

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Yes. The flexible nature of the offset flexible mortgage means you can make additional payments to your mortgage any time.

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Yes, a minimum payment is calculated and made each month. This payment is made regardless of your offsetting balances. If the interest due is less than the payment made, the outstanding capital will reduce.

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