Banks.com.au - Australian Banking, Finance and Investments

Glossary of terms and acronyms related to Australian banking, finance and investments.

Off the Plan

'Off the Plan' is used to describe the purchase of a property before it is fully constructed; i.e. during the planning stage. Typically, only a 10% deposit is required and regular payment can start a... view full definition of "Off the Plan"

Official Cash Rate

The Official Cash Rate is an interest rate used by banks and other financial institutions as a benchmark for their own interest rates. Also called the official interest rate, it is determined by the ... view full definition of "Official Cash Rate"

Offset Account

An offset account is a bank account, usually savings, that is linked to a mortgage loan. It is used to reduce interest on the mortgage by offsetting the interest you earn on the account against the i... view full definition of "Offset Account"

Offset account/Mortgage offset

An offset account/mortgage offset is a separate bank account linked to your home loan. Its main purpose is to reduce interest on the loan by offsetting the interest you earn on your savings against t... view full definition of "Offset account/Mortgage offset"

Ombudsman

The Australian Banking Industry Ombudsman (ABIO) is an official body that handles formal disputes between consumers and financial institutions. When you file a complaint, the ABIO independently asses... view full definition of "Ombudsman"

Ongoing Fee

An ongoing fee is any fee that is paid throughout the duration of a loan, credit card, or other financial contract. In Australia, this can refer specifically to the maintenance fee or annual fee. It ... view full definition of "Ongoing Fee"

Online savings account

An online savings account is designed to provide at-call access to your funds via internet and phone banking. It usually offers a higher interest rate in exchange for limited fund access; there are u... view full definition of "Online savings account"