Offset Home Loan Comparison
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Looking to save on interest and pay down your home loan faster? An offset account could be the smart move. At Get Approved Loans, we compare offset account options from the Big 4 banks and 70+ other lenders, helping you find a better deal that suits your budget and goals.
What is an Offset Account?
An offset account is a transaction account linked to your home loan. The money in the offset account “offsets” your loan balance, so you only pay interest on the difference. For example, if you owe $400,000 on your home loan and have $30,000 in your offset account, you’ll only pay interest on $370,000.
Unlike savings accounts, your offset account doesn’t earn interest—instead, it reduces the interest you pay on your mortgage, which can save you thousands over the life of the loan.
Things to Consider
Offset accounts are a powerful tool, but there are a few things to keep in mind:
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100% vs partial offset: Some loans only apply part of your balance to offset your loan—check if it’s a 100% offset account.
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Fees and charges: Offset loans sometimes come with higher monthly fees or annual package costs.
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Discipline matters: To maximise savings, it’s important to leave money in the account for as long as possible.
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Access to funds: You can use the offset account just like a regular bank account for withdrawals, BPAY, and everyday purchases.
Fixed & Variable Loans with Offset Accounts
Offset accounts are more commonly attached to variable rate loans, but some lenders also offer them with fixed rate mortgages. However, fixed offset loans might have restrictions—such as a maximum offset balance or limited redraw features.
Compare both fixed and variable loans with offset features through Get Approved Loans and see what fits your situation best.
Popular Offset Home Loans from the Big 4 Banks
When comparing offset loans, many Australians look to the Big 4 banks:
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ANZ Mortgage Offset Account – Available on elegible ANZ variable and fixed loans packages.
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Commonwealth Bank Offset Account – Digi Home Loan package offers access to one Everyday Offset account.
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Westpac Offset Account – Their current Rocket Loan offers up to 10 offset accounts
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NAB Offset Account – Included in NAB’s Tailored Home Loan options with 100% offset on variable loans.
Each lender offers different features, rates, and fees. With Get Approved Loans, you can compare offset home loans from these providers and 75+ other lenders in just minutes using our AI-powered search tool.
How to Compare Home Loans with Get Approved Loans
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Apply Online with Get Approved Loans
Get the home loan features you need—without paying more than you have to. Compare offset mortgage loans from Commonwealth Bank, ANZ, NAB, Westpac, and more through Get Approved Loans. Our online tool lets you apply in minutes with real-time comparisons tailored to your financial situation and goals.
FAQ: Offset Home Loans Australia
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What’s the difference between an offset account and a redraw facility?
An offset account reduces the interest payable on your loan by keeping funds in a separate account. A redraw facility allows you to withdraw extra repayments you’ve made—but usually with more restrictions than an offset account.
Can I get an offset account with a fixed rate loan?
Yes, but it’s less common. Some lenders offer partial offset with fixed rates, while others restrict offset accounts to variable home loans only.
Is an offset account worth it?
If you regularly keep a decent balance in your bank account, an offset account can significantly reduce your interest and loan term. However, you’ll need to weigh up fees and whether the extra features are worth the cost.
Can I access my money in an offset account?
Yes, it works like a regular bank account. You can transfer funds, make purchases, and even use an EFTPOS or debit card.