The Mortgage Offset
facility is operated from the S22 On Call Savings
Account and is linked to a Mortgage Loan
type L21 or L22 account. The balance
of the On Call
Savings Account (hereafter known as the
Offset Account) is offset against the
the nominated Mortgage Loan account each
day. Any balance in the Offset Account
will help reduce the interest charged
on the Mortgage
In all respects but one, the Offset Account
is unaffected in its terms and conditions
and operational capabilities by the linkage
to the Mortgage Loan account. As the Offset
Account is offset against the mortgage
loan no interest is earned
account even if the balance of this account
exceeds the loan balance. The actual balance
(less any uncleared funds) of the Offset
Account is the amount
in offsetting the balance of the loan account.
The Offset Account can only be offset against
one nominated eligible Mortgage Loan. The
Offset Account can only be linked to a
mortgage loan in the same name/s within
the same membership.
The Offset facility can be activated, only
on request, by completing the Offset Facility
Application Request. On receipt of your
completed application MyLife MyFinance will link
your S22 On Call Savings Account
to the mortgage loan you have nominated.
The Offset facility can be detached at
the Member’s request by completion
of the Offset Facility Detachment Request.
When the Offset facility is detached from
the loan account it is available for re-use
with any compatible offset enabled loan
either now or at a future date.
We reserve the right to withdraw the Offset
Facility at any time by giving the Member
reasonable notice. Fees and charges may
be payable associated with the operations
of this facility. Refer
to our current Fees and Charges Schedule.
This is a Supplementary Product Disclosure Statement (SPDS) containing important information regarding MyLife MyFinance's Mortgage Offset facility. MyLife MyFinance recommends that before deciding to acquire the service you read this SPDS in conjunction with the Product Disclosure Statement (PDS) it supplements for financial products, general information relevant to all products and non-cash payment products and services, their related Terms and Conditions, Schedule of Fees and Charges, and Current Interest Rates. This SPDS has been prepared to assist you with the understanding of the significant features of the products and services to enable you to make informed choices about the products and services before you acquire it.
01 June 2015 Version 4
here for application form