On the day of discharge, the panel solicitors will request a payout figure. The offset will be de-linked from the home loan account one day prior to settlement and converted to a transaction account. This will happen automatically, without any request required. The offset account will not be frozen.
When their home loan is discharged, any linked offset account(s) will be converted to transaction account(s). Their account number(s) and any debit card(s) won’t change.
Your customers offset accounts will be de-linked as part of the discharge process. Once the new application has settled, your customer will need to contact us to convert the transaction account to an offset account and link to their new home loan account.
Please note, this only applies to offset accounts with a BSB starting 182.
View our Personal Help Centre articles to support your customer through this process:
The offset account will be frozen in preparation for calculation of the payout figure, usually four days prior to settlement.
To calculate a payout figure for settlement, access to available funds/redraw will usually be put on hold on their account four business days prior to the discharge date. Any available funds in their offset account will be used to reduce their payout figure. When their home loan is discharged, their offset account will be closed at the same time. If your customer would like to open a transaction account, they can apply online.
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