Your selected home loans
Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
Read our Mozo Review to learn more about this ubank Flex Home Loan
Get online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.
Read our Mozo Review to learn more about this Bendigo Bank Express Home Loan
Competitive variable rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.
Read our Mozo Review to learn more about this ubank Flex Home Loan
Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.
Read our Mozo Review to learn more about this Macquarie Offset Home Loan
Read our Mozo Review to learn more about this Macquarie Offset Home Loan
Enjoy up to $3000 cashback for eligible first home buyers and $2000 cashback for refinancers on eligible home loans with the ANZ Fixed Rate Home Loan. Get the security of repayment certainty with a competitive locked in rate. No ongoing fees to pay. Offset account on 1-year fixed loans ($10/month fee applies). Interest-only payments allowed.
Read our Mozo Review to learn more about this ANZ Fixed Rate
Our partner Lendi can help with that. All they need is a few details to get started.
Your selected home loans
Home loans come in many shapes and sizes, start comparing here based on your needs.
Search the Mozo Database
Browse all 463 home loans in Mozo's comparison database.
An offset account is a transaction or savings account linked to your home loan that saves you interest on your home loan repayments.
This excellent feature means your savings stash is constantly lowering the amount of interest you pay on your mortgage, even while you’re using those funds for your day-to-day spending and bills.
This type of interest-saving feature is quite common with packaged and variable home loans. So if you're looking to save some cash (literally and figuratively), it's certainly one to compare!
Basically, instead of being charged interest on your full mortgage amount, you’re only charged interest on how much you’ve borrowed, minus the balance of your home loan offset account.
Here’s an example: Say you had a $300,000 mortgage and $50,000 parked in the attached offset account. Instead of paying interest on the full $300,000, you would only have to pay it on $250,000.
Since interest is charged as a percentage of your remaining principal, this 'offset' amount can mean huge savings over the life of a 25 or 30 year mortgage.
How much you save with an offset account will depend on how much money you have in it, the size of your home loan, your interest rate, and what type of offset account it is.
For example, you'll save more interest if:
You can crunch the numbers on your own home loan or talk to your lender to find out how much you could save long-term. But in the era of Reserve Bank rate hikes, offset accounts can prove to be a compelling option.
Not all offset accounts are created equal, and it pays to double check what you’re signing up for.
Partial offset accounts are more common fixed rate home loans, since fixed mortgages tend to have more limited features.
It might. Generally, home loans with more features tend to have slightly higher interest rates and fees than a basic option.
That means it's important to weigh up these costs against the potential savings from having the offset account.
Similar to an offset account, extra repayments lower your principal loan amount, cutting down on interest.
The benefit to making extra repayments is that you’re actually paying off your principal loan amount and gaining home equity, whereas with an offset account, you’re only lowering the portion of the loan amount you pay interest on.
It’s also a little more common to find a mortgage offering extra repayments than an offset account.
The downside is that extra repayments are less flexible. You may be able to redraw them if you have a redraw facility, but otherwise, they're not at call.
An offset account is just one part of the home loan. You'll also need to consider the loan size you need, as well as other features, interest rates, and repayment types.
You can use our home loan comparison tool to compare the rates and features on a huge number of mortgage offers from a range of lenders, including big banks, mutuals, online banks and non-bank lenders.
Compare home loan costs now! See more
Learn what you need to know about mortgages and money management in our helpful guides. See all
Get the latest on property market trends, interest rates, and lending news from Mozo's expert writers. See all
We compare home loans from the following well-known providers and many more... See more home loan providers
I would suggest shopping around. I went with one of the big 4 because it was a trusted brand and I have had nothing but trouble. Constant miscommunication - due to a bank error I missed out on a fixed portion of my loan. They take no accountability for their mistakes and except you to just deal with it.
Read full reviewI would suggest shopping around. I went with one of the big 4 because it was a trusted brand and I have had nothing but trouble. Constant miscommunication - due to a bank error I missed out on a fixed portion of my loan. They take no accountability for their mistakes and except you to just deal with it.
I've had a CBA account since I was in primary school, all of my experiences with them on a personal level have been positive. Our current home loan has been refinanced with CBA, the options and drawbacks of each mortgage type are clear on the website and in the PDF options. Not being able to have an offset account with a fixed rate is the only drawback I've found, but it *did* allow us to lock in a lower rate than other banks. CBA were also one of the only banks that allowed us to finance our home with a 10% deposit.
Read full reviewI've had a CBA account since I was in primary school, all of my experiences with them on a personal level have been positive. Our current home loan has been refinanced with CBA, the options and drawbacks of each mortgage type are clear on the website and in the PDF options. Not being able to have an offset account with a fixed rate is the only drawback I've found, but it *did* allow us to lock in a lower rate than other banks. CBA were also one of the only banks that allowed us to finance our home with a 10% deposit.
Bankwest offers user-friendly digital services, competitive rates, and helpful customer support, making banking convenient. However, some may find limited branch locations a drawback. Be aware of potential fees and ensure their product offerings match your financial needs before committing. Overall, it's a solid choice for tech-savvy users.
Read full reviewBankwest offers user-friendly digital services, competitive rates, and helpful customer support, making banking convenient. However, some may find limited branch locations a drawback. Be aware of potential fees and ensure their product offerings match your financial needs before committing. Overall, it's a solid choice for tech-savvy users.
More home loan reviews