Features & benefits

You may pay off your home loan ahead of its term and save thousands of dollars, simply by depositing all your regular income and earnings into an Offset Deposit Account, available exclusively when you take up an eligible AMP Bank home loan.

By linking an Offset Deposit Account to an eligible loan account, you may reduce the interest calculated on your loan. You can choose between 1 and 10 Offset Deposit Accounts to be linked to any eligible loan account. The balance in your linked Offset Deposit Accounts is offset against your loan balance every day, which means you only pay interest on the remaining portion of your home loan.

An Offset Deposit Account may suit if you’re:

  • an AMP Bank home loan customer
  • looking for a home loan plus an everyday account
  • switching your home loan to AMP Bank
  • interested in paying off your home loan sooner
  • Offset Deposit Account will be in the name of one, some or all borrowers on the home loan.


Here’s what you get:

  • Up to 10 Offset Deposit Accounts per eligible loan account
  • 100% of funds in your Offset Deposit Account will offset your loan balance
  • No minimum balance for your offset to apply
  • A complete transaction account with AMP Visa Debit card for ATM and eftpos access, cheque book, easy banking with My AMP, mobile banking and BankPhone
  • Bank@Post at participating Australia Post Offices.

Pay off your home loan sooner

Use all your deposited funds to reduce your interest repayments with our Offset Deposit Account that offers:

  • no minimum account opening balance
  • ATM access Australia-wide with an AMP Visa Debit card1
  • full access to My AMP, mobile banking and BankPhone
  • a savings preview with our Loan offset calculator.
How can I own my home sooner and maintain my lifestyle?

An example of how it works2:

Home Loan balance: $400,000

Offset Deposit Account 1 balance: $30,000
Offset Deposit Account 2 balance: $45,000

You will only pay interest on: $325,000

So how much do I save?

If you have a 30 year home loan, with a consistent balance of $75,000 in your Offset Deposit Account and a constant rate of 5% pa:

Estimate of interest saved: $279,147
Estimate of time saved on your loan: 10 years

How fast can you own your own home?

See how you can potentially save years and many thousands of dollars of loan repayments with an Offset Deposit Account, so request an account application with your approved variable rate home loan. Use our Loan offset calculator to compare how any regular deposits (like salary, bonuses or other income) work to offset the outstanding balance of your loan.

This is because your interest is calculated on a lower amount than your actual loan, as long as the funds are in the account. Of course you have access to those funds when you need them with online banking and an AMP Visa Debit card.


 1 Daily withdrawal and purchase limits apply for ATM and eftpos.

2 Loan repayments are assumed to be made at the end of each month or fortnight (depending on the repayment frequency you select). Loan repayments are assumed to occur immediately after the accrued loan interest has been charged to the loan. One year is assumed to contain exactly 26 fortnights or 12 months. This implicitly assumes that a year has 364 days rather than the actual 365 or 366. All months are assumed to be of equal length. The loan interest rate is assumed to be the annual nominal rate of interest, compounded per the loan repayment frequency.

For example, for a loan interest of 5.00% p.a. and monthly repayments, the calculator assumes the interest rate charged is (5.00% / 12) = 0.4% per month, compounded monthly. The loan interest rate is assumed to remain the applicable loan interest rate over the entire term of the loan. The average offset balance is assumed to not change over the selected repayment frequency period. The weekly and fortnightly loan repayment amounts are assumed to be a quarter and a half of the monthly repayment amount respectively. The loan repayment amount is calculated assuming a standard home loan where both interest and principal is repaid over the loan term.

Rates & fees

Effective 14 October 2019

Accounts  Interest rate(i)
All balances  0.00% pa 

The Offset Deposit Account does not charge everyday banking fees, so you have unlimited access to:

  • ATM(ii) and eftpos with your AMP Visa Debit card
  • cheque book
  • internet and phone banking
  • BPAY to pay your bills
  • AMP Bank variable rate loan products (Construction and Land Loans excluded).

No interest is payable on the Offset Deposit Account, as all your funds work to reduce the amount of interest you pay on your eligible home loan. Deposits over $5,000,000 are at our discretion.

If the Offset Deposit Account is linked to a Basic Variable Rate Loan, there is a $6 per month Account fee.

(i) These rates are variable and are subject to change.
(ii) ATM provider fees may apply to ATM transactions. Fees also apply for international transactions and special services.

Australian Government guaranteed deposits

The Australian Government provides a guarantee of combined savings balances with an authorised deposit taking institution up to $250,000 per customer. Our Offset Deposit Account is covered under the government guarantee.


Click here for more information

Open an AMP Offset Deposit Account today

Whether you already have a home loan with AMP or you’re applying for a new one, make your repayments work harder using all your deposited funds to offset the cost of your interest.

Personal and Sole traders

Company and Trust

Important information

The product issuer and credit provider is AMP Bank Limited ABN 15 081 596 009, AFSL and Australian credit licence 234517.

It’s important to consider your circumstances and read the relevant Product Disclosure Statement or Terms and Conditions before deciding what’s right for you. This information hasn’t taken your circumstances into account. Information including interest rates is subject to change without notice.

Any application is subject to AMP Bank’s approval. Terms and conditions apply and are available at amp.com.au/bankterms or 13 30 30. Fees and charges may be payable.

This information is provided by AMP Bank Limited. Read our Financial Services Guide available at amp.com.au/fsg for information about our services, including the fees and other benefits that AMP companies and their representatives may receive in relation to products and services provided to you. All information on this website is subject to change without notice.

AMP Bank is a member of the Australian Banking Association (ABA) and is committed to the standards in the Banking Code of Practice