{"id":"F2017L01199","name":"ASIC Corporations (Mortgage Offset Accounts) Instrument 2017/795","slug":"asic-corporations-mortgage-offset-accounts-instrument-2017-795","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":439330,"registerId":"F2017L01199-fast-fetch-1775955396428","compilationNumber":null,"startDate":"2026-04-12","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"ASIC Corporations (Mortgage Offset Accounts) Instrument 2017/795","content":"---\nmeta-content-style-type: text/css\nmeta-content-type: application/xhtml+xml; charset=utf-8\n---\n\n![Commonwealth Coat of Arms and ASIC logo](image.001.jpeg)\n\nASIC Corporations (Mortgage Offset Accounts) Instrument 2017/795\n\nI, Anthony Graham, delegate of the Australian Securities and Investments Commission, make the following legislative instrument.\n\n \n\nDate 12 September 2017\n\n \n\n \n\n \n\nAnthony Graham\n\n \n\nContents\n\n[Part 1—Preliminary](#_Toc492978173)\n\n[1 Name of legislative instrument](#_Toc492978174)\n\n[2 Commencement](#_Toc492978175)\n\n[3 Authority](#_Toc492978176)\n\n[4 Definitions](#_Toc492978177)\n\n[Part 2—Exemption](#_Toc492978178)\n\n[5 Licensing exemption for mortgage offset account services](#_Toc492978179)\n\n \n\nPart 1—Preliminary\n\n1 Name of legislative instrument\n\nThis is the ASIC Corporations (Mortgage Offset Accounts) Instrument 2017/795.\n\n2 Commencement\n\nThis instrument commences at the same time as the commencement of the ASIC Corporations (Repeal) Instrument 2017/796.\n\n3 Authority\n\nThis instrument is made under paragraph 926A(2)(a) of the Corporations Act 2001.\n\n4 Definitions\n\nIn this instrument:\n\nAct means the Corporations Act 2001.\n\nmortgage offset account means a deposit product that is a facility in relation to which either of the following applies:\n\n(a) the amount standing to the credit of the facility from time to time is notionally offset against the balance of a loan entered into by the depositor with the provider of the facility, and interest on the loan is calculated by reference to the notionally-reduced loan balance;\n\n(b) interest payable on a loan entered into by the depositor with the provider of the facility is periodically reduced by an amount that would otherwise accrue as interest or other earnings on the amount standing to the credit of the facility from time to time.\n\n\n\n\nPart 2—Exemption\n\n5 Licensing exemption for mortgage offset account services\n\nA person who provides financial services does not have to comply with subsection 911A(1) of the Act for the provision of any of the following financial services:\n\n(a) financial product advice relating to a mortgage offset account;\n\n(b) arranging for another person to apply for, acquire, vary or dispose of a mortgage offset account.\n\nNote: ASIC Corporations (Miscellaneous Technical Relief) Instrument 2015/1115 provides relief from subsections 911A(1) and 911B(1) of the Act to a person who provides financial services on behalf of a person who does not need an Australian financial services licence because of an exemption under section 926A of the Act.\n\n \n","sortOrder":0}],"analysis":{"flash_summary_failed":{"failed":true,"reason":"Unauthenticated. Configure AI_GATEWAY_API_KEY or use a provider module. Learn more: https://ai-sdk.dev/unauthenticated-ai-gateway","source":"analysis-cron"},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This instrument remains tightly focused on its original purpose: exempting mortgage offset account services from AFSL requirements. It has not expanded beyond this narrow remit."},"complexity_factors":["Very short document — only 5 sections plus preliminary matter","Only 2 defined terms ('Act' and 'mortgage offset account')","Single operative provision (section 5) with straightforward exemption","No cross-references to other legislation beyond the enabling provision (Corporations Act s 926A(2)(a)) and a helpful note about related relief","No conditional logic, exceptions, or nested provisions","Clear, simple structure: preliminary definitions followed by single exemption"],"plain_english_summary":"This ASIC rule exempts banks and lenders from needing an Australian Financial Services Licence when they explain, set up, change, or close mortgage offset accounts linked to home loans. It affects banks (reducing licensing burden) and borrowers (easier access to advice and account changes), cutting red tape because offset accounts are treated as lower‑risk, deposit‑style products."},"flash_summary":{"complexity_score":3,"scope_assessment":{"changed":false,"description":"The instrument itself defines a limited exemption and contains no text indicating a change from a previously stated scope. It narrows relief to two specified services relating to mortgage offset accounts as defined in s4 and ties commencement to another instrument (s2)."},"complexity_factors":["Cross-references to external provisions increase interpretive steps (s2 links commencement to Instrument 2017/796; s3 cites paragraph 926A(2)(a) of the Corporations Act).","Key legal effect depends on an external statutory subsection, requiring users to consult subsection 911A(1) of the Act (s5).","Definition of “mortgage offset account” contains two alternative limbs that must be applied to product features to determine coverage (s4).","Relief scope is narrow and binary (two specified services only), which reduces but does not eliminate boundary disputes about other activities (s5).","Note cross-references to earlier ASIC relief instruments that may affect practical application (note after s5 referencing Instrument 2015/1115)."],"plain_english_summary":"This instrument exempts people who provide specified financial services for mortgage offset accounts from the Corporations Act requirement in subsection 911A(1) to hold an Australian financial services licence. It covers giving financial product advice about mortgage offset accounts and arranging for another person to apply for, acquire, vary or dispose of such accounts. It matters because it removes a licensing obligation for those narrow services and defines which deposit products qualify as mortgage offset accounts (see s4 and s5)."}},"importantCases":[],"_links":{"self":"/api/acts/asic-corporations-mortgage-offset-accounts-instrument-2017-795","history":"/api/acts/asic-corporations-mortgage-offset-accounts-instrument-2017-795/history","analysis":"/api/acts/asic-corporations-mortgage-offset-accounts-instrument-2017-795/analysis","conflicts":"/api/acts/asic-corporations-mortgage-offset-accounts-instrument-2017-795/conflicts","importantCases":"/api/acts/asic-corporations-mortgage-offset-accounts-instrument-2017-795/important-cases","documents":"/api/acts/asic-corporations-mortgage-offset-accounts-instrument-2017-795/documents"}}