Confused maybe I got it wrong? We have $75k Morgage with $29,600 in a seperate account called a 100% Morgage offset account with Newcastle permanent. Looking at last statement I noticed that the offset Benefit last month was 17c, and this month was 0.25c. This equals 0.01% interest rate @ 0.25c per month to a grand total of $3. Per year benefit. When contacting the bank they had me on hold after discussion for 15 mins and finally advised that for some reason your Morgage change from fixed to variable so did your 100% offset changed to variable offset? So if I have a seperate account called a 100% offset account can that be changed to a 0.01% offset account with notice? Then terms and conditions state you cannot claim interest on an offset account as the Morgage is offset to the Morgage interest rate. So in reality our $30,000 in our offset account earns $3 per annum?! Guess Newcastle permanent is trying to join the big 4!
