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Mortgage Offset Interest Rate

The interest rate on your Mortgage Offset Account is determined by the type of mortgage you have.  If you have a Premium or Premium Plus Package Home Loan the 100% offset account rate applies. Your account offset rate is the rate on your home loan. For all other loans where we offer an "interest offset", the following strata interest applies.
Account Balance Range Annual Interest Rate
(as at 06 Jan 2009)
 Method of Calculating Interest How Interest is Calculated When Interest is Calculated
Up to $499.990.01% paStrata InterestWe apply the daily percentage rate* to the different portions of your account balance at the start of each day. The rate of interest for a mortgage offset account is determined by the type of loan you have. If you have a Premium or Premium Plus Package Home Loan the 100% offset account rate applies and your account offset rate is the rate on your home loan.
$500.00 - $1,999.990.01% pa
$2,000.00 - $4,999.990.01% pa
$5,000.00 - $19,999.990.01% pa
$20,000.00 - $49,999.990.01% pa
$50,000.00 plus0.01% pa
Penalty Interest on Overdrawn Account 20% pa on amount overdrawn
Important Information - This type of account has been approved by the Australian Taxation Office only on the basis that no interest is earned. The interest offset accrues on this account up to the point where the balance of the account equals the balance owing on the home loan. No interest offset accrues on the portion of the balance of the Mortgage Offset Account which exceeds the balance outstanding on the home loan or for the month in which the loan is fully repaid.
Method of calculating interest: 
Strata Interest - Means different interest rates apply to different portions of your account balance.

* The daily percentage rate is the relevant annual interest rate(s) divided by 365.
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