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Terms & Conditions (PDF, 349KB)
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‘Mortgage Muncher’

Save thousands of dollars in interest and pay off your Wide Bay Australia home loan years earlier with the ‘Mortgage Muncher!

Every dollar in this account saves you an equivalent rate of interest on your linked Wide Bay Australia home loan* - with 100% of the balance ‘offset’ against your home loan and the benefit applied to your home loan interest each month.

Deposit all your savings, wages, dividends etc into your ‘Mortgage Muncher’ to save you home loan interest and your loan term. Use our lump sum or regular deposit calculators to find out how much you could save.

Unlike interest income earned on most investments - you do not pay tax on the ‘Mortgage Muncher’ ‘offset’ benefit.

Plus with lots of great banking services you can use your ‘Mortgage Muncher’ account for your everyday banking.

Open a New Account

Features

Available on variable and fixed rate loans*		Unlike most similar accounts offered by other lenders you still gain the 100% offset benefit when you fix your home loan interest
Establishment Fee		No establishment fee
Account Fee		$10 per month
Minimum Balances		No minimum opening balance Minimum on-going balance is $1
Funds access		Cleared funds are on-call
Interest		Funds do not attract interest. The closing daily balance of the Mortgage Muncher offsets 100% of the interest charged to the equivalent amount of the closing balance of the loan account.
Statements		Choice of passbook or up to one free transaction statement per month. Free interest statements showing interest paid.
Withdrawal methods		Branches ATM’s using Wide Bay Australia Loan Express Cashcard EFTPOS using Wide Bay Australia Loan Express Cashcard Bank@Post using Wide Bay Australia Loan Express Cashcard BPAY® Cheque book Counter cheques ‘smartlink’ Telephone Banking transfer ‘smartlink’ Internet Banking transfer Direct Debit Periodical Payment
Deposit methods		Branches Bank@Post using Wide Bay Australia Cashcard ‘smartlink’ Telephone Banking transfer ‘smartlink’ Internet Banking transfer Direct Credit Periodical Payment Cheque Deposit
Autosweep		Saves you the embarrassment or cost of ‘bouncing’ cheques or electronic payments by ‘sweeping’ fund from one Wide Bay Australia account to another
Sub-Accounts		Operate more than one Account under the same number for different purposes. Each sub-account may have its own Cashcard, cheque book etc
Account Label		Label your account and sub-accounts e.g. "Holiday Account", "Car Account" etc.

*Mortgage Muncher is only available in conjunction with an active ‘Wide Bay’ Home Loan, ‘Equity’ Home Loan and ‘Australian’ Home Loan. This Account must be opened in the same name(s) as the borrower’s loan account and must be closed when the home loan is paid out. The transaction fee structure on your Account is dependent on your post code and allocation to a Branch Service or non-Branch service area. If the linked home loan account is closed the Account will be transferred to a Today’s Options Account.
Wide Bay Australia Ltd ABN 40 087 652 060 (AFS Licence No: 239686) is the issuer of this account/these accounts and any non-cash payment facilities that may be used in conjunction with them. To decide if they are appropriate for you please carefully read the booklet 'Your Guide to Wide Bay Australia's Accounts and Banking Services' (PDF, 1.08MB)
Cheque payment services are available by arrangement with Westpac Banking Corporation ABN 33 007 457 141
BPAY® is a trade mark of BPAY Pty Ltd (ABN 69 079 137 518)