AMP Bank offers Offset accounts on the majority of their variable rate loans - in fact you are able to add up to 10 offset accounts to each loan/loan split.
This article takes you through how to ensure you have selected Offset and the details required to properly setup your applicant's offset/s.
Selecting the Offset "feature"
In the Loan & Security page you will enter all of the details of the products you are after. Where an offset is available on the selected product, you will note that the Offset 'feature' will appear on screen.
You must ensure you tick this feature in order for an offset to be setup for your applicant/s:
Complete the details for the setup of the offset account
When you tick the feature, a new section will appear below the repayments section:
You should complete this section as it will tell AMP Bank how to setup the Offset account to be linked to the Loan:
(You will note if you try to leave the page without completing this section, you will be prompted to complete it)
Source of Funds: this is a dropdown of what type of funds will be deposited into the account - the most common is Employment Income
Purpose of account: this is a dropdown stating the general purpose of the offset
Ownership: you can nominate one or all of the applicants to have ownership of the offset
Debit card: you can nominate to have a debit card connected to the offset funds
You can add more than one offset (up to 10) to your loan
Remember a great feature is that you can add more than one offset account to be linked to a loan. Where you would like to do this, click "Add another offset"
and complete all the details for this offset eg:
