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CBA launch full transactional offset accounts 8th Oct 2013
Topic Started: 10 Oct 2013, 01:01 PM (5,121 Views)
peter fraser
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For the CBA borrowers out there, the CBA has launced their much awaited fully transaction offset account which will be much better than their MISA account.

TBH I don't get into bank accounts much but here is their spiel for thos interested. Note that as at now it is free to convert, so if your thinking of doing it now is a good time.

Quote:
 
Today, Tuesday 8 October 2013 CommBank is launching its 100% transactional offset feature – Everyday Offset.

Everyday Offset, a feature of our Complete Access account, offers 100% interest offset on our Standard Variable Rate (SVR) Home/Investment Home loan only (not available with No Fee Home Loan, Rate Saver or 3 Year Rate Saver Home Loans or Fixed Rate Home Loans). The balance held in the Everyday Offset will reduce the amount of interest customers pay on their loan.

Our Everyday Offset is unique in the market because there is no limit on the number of Complete Access accounts with the Everyday Offset feature that can be linked to your eligible Home/Investment Home Loan.

Unlike MISA, Everyday Offset will give customers access to our complete range of transactional options, including:


• Withdrawals – ATM, EFTPOS, Over the Counter (Branch), NetBank, Kaching, Telephone Banking, same day bill payments (BPAY), Direct Entry Debits and AFTs.
• Deposits – Over the Counter (Branch), NetBank, Telephone Banking, ATM, Direct Credits and AFTs.
• Card Access – Can be linked to a Debit MasterCard, Keycard or a Credit Card.



Note: MISA and Repayment Redraw will still be available for customers who prefer this option. Customers can also have a MISA and/or Repayment Redraw and an Everyday Offset if they choose.

Please ensure you discuss the options of MISA, Repayment Redraw and the Everyday Offset with customers to determine if the Everyday Offset is their preferred option.


What you need to know
Everyday Offset (EDO) is available to personal customers only and must be in the name(s) of the borrower(s). Customers can have one or more Everyday Offsets linked to their SVR Home/Investment Home Loan.


EDO Fee – A one-off EDO Fee of $95 applies when linking the first Everyday Offset to an eligible SVR Home/Investment Home Loan.

Note: We will waive this fee for new and existing customers with new borrowings (excluding Internal Refinance and Split Switches) of $150,000 or more until further notice. Customers who have commenced an application on or from Thursday 1 August 2013, with new borrowings of $150,000 or more are also eligible for the $95 fee waiver.

Monthly Offset Fee - There are no ongoing monthly fees for MAV Package customers. For non-Package customers a $10 Monthly Offset Fee (MOF) is charged on the first calendar day of the following month after funding and on the first calendar day of each subsequent month.


Note: The MOF will only apply on the first EDO linked to the loan account.

Work in Progress Applications – For applications commenced before Tuesday 8 October 2013 and where the loan documents have not yet issued, you can request an EDO by completing and sending the More Information Required Form (004-269) together with the completed Part D of the new version of the Home Loan On-Boarding Application form (002-829 270913). Please do not submit an online amendment for these applications, as they do not require a new credit assessment.


Where an application has progressed further (i.e. Loan Documents have been issued) the customer should be advised to call 132224 or visit a Branch to complete an EDO linkage to their home loan. They can do this from Monday 14 October 2013.


Note: If the customer wishes to amend the in progress application to an eligible EDO product then an Online Amendment is to be completed instructing around the EDO request. You will also need to complete the new version of the Home Loan On-Boarding Application form (002-829 270913) including completion of Part D in regards to the new EDO setup or existing account linkage.

Any expressed market opinion is my own and is not to be taken as financial advice
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Trojan
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Unless you have additional information, that document doesn't say its free for existing customers to convert (unless you increase borrowings by $150k)
I put trolls and time wasters on my ignore list so if I don't respond to you, you are probably on it ....
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peter fraser
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Trojan
10 Oct 2013, 01:58 PM
Unless you have additional information, that document doesn't say its free for existing customers to convert (unless you increase borrowings by $150k)
Yep you're correct. Sorry I just skimmed over it quickly on my way out of the office. My error.

A $10 per month fee for non MAV clients is expensive as well.

There are better loans than the CBA MAV package out there, which is why I hardly use the CBA.

Some people woul still benefit if they carry substantial cash in multiple accounts. Horses for courses.

Any expressed market opinion is my own and is not to be taken as financial advice
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miw
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Quote:
 

Our Everyday Offset is unique in the market because there is no limit on the number of Complete Access accounts with the Everyday Offset feature that can be linked to your eligible Home/Investment Home Loan.


I don't think this is true - it seems to something that Suncorp offers as well.

With Suncorp, you have only one designated offset account, but you can set up subaccounts to the offset account, and your offset is based on the total of that account and all its subaccounts. Each subaccount looks just like an ordinary transactional account with its own unique account number.

I use this feature by having a main offset amount in an account I never use for payments or divulge the number of for any reason, and another float account I use for transactions which has a relatively small balance.

You do have to create new accounts to use the feature. You cannot just link an existing account to the offset account.
Edited by miw, 10 Oct 2013, 06:08 PM.
The truth will set you free. But first, it will piss you off.
--Gloria Steinem
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peter fraser
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miw
10 Oct 2013, 06:08 PM
Quote:
 

Our Everyday Offset is unique in the market because there is no limit on the number of Complete Access accounts with the Everyday Offset feature that can be linked to your eligible Home/Investment Home Loan.


I don't think this is true - it seems to something that Suncorp offers as well.

With Suncorp, you have only one designated offset account, but you can set up subaccounts to the offset account, and your offset is based on the total of that account and all its subaccounts. Each subaccount looks just like an ordinary transactional account with its own unique account number.

I use this feature by having a main offset amount in an account I never use for payments or divulge the number of for any reason, and another float account I use for transactions which has a relatively small balance.

You do have to create new accounts to use the feature. You cannot just link an existing account to the offset account.
I wasn't aware of that and I have a Suncorp Offset account.

Something that might interest the investors here is that Macquarie Bank have Global Limit Facilities.

IE you might have a $1M facility with several splits. If one split is decreasing then you can increase another split as long as the overall debt doesn't exceed the global limit.
Any expressed market opinion is my own and is not to be taken as financial advice
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miw
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peter fraser
10 Oct 2013, 06:30 PM
I wasn't aware of that and I have a Suncorp Offset account.
First I heard of it was June this year, so it is probably a new feature.

I was alerted to its existence when the nice lady I worked with on fixing part of my debt rang me up all concerned that I was doing transactions out of an account that had a large amount of cash in it. (my offset).
Edited by miw, 10 Oct 2013, 06:41 PM.
The truth will set you free. But first, it will piss you off.
--Gloria Steinem
AREPS™
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peter fraser
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miw
10 Oct 2013, 06:39 PM
First I heard of it was June this year, so it is probably a new feature.

I was alerted to its existence when the nice lady I worked with on fixing part of my debt rang me up all concerned that I was doing transactions out of an account that had a large amount of cash in it. (my offset).
thanks. My contact at Suncorp is away for a week or so. I'll get some detail when he gets back.
Any expressed market opinion is my own and is not to be taken as financial advice
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Rastus2
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Trojan
10 Oct 2013, 01:58 PM
Unless you have additional information, that document doesn't say its free for existing customers to convert (unless you increase borrowings by $150k)
Thanks peter,
interesting to see fixed rate loans with 100% offset...


We have just gone with a 3 year fixed ppor loan with 100% offset and no monthly fees (Adelaide bank) at a discounted 5.12 rate ( from memory)... Not too bad but the cba move is intersting as only cua were the other lender who offered 100% offset on fixed that i could find a few weeks ago.

We are looking to sell our current ppor in the next 3-4 months...
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Sober
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Wake me up when they tie it to a loan at better than 4.49% APR...

:z:
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peter fraser
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Rastus2
10 Oct 2013, 10:10 PM
Thanks peter,
interesting to see fixed rate loans with 100% offset...


We have just gone with a 3 year fixed ppor loan with 100% offset and no monthly fees (Adelaide bank) at a discounted 5.12 rate ( from memory)... Not too bad but the cba move is intersting as only cua were the other lender who offered 100% offset on fixed that i could find a few weeks ago.

We are looking to sell our current ppor in the next 3-4 months...
Hi Rastus2 long time no see. All seems to be well with you then.

The CBA offset isn't for fixed loans as far as I can see. Not many lenders have offsets for fixed loans.

Did you buy on the Sunshine Coast?
Any expressed market opinion is my own and is not to be taken as financial advice
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