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Competitive fixed rate on up to a 30 year loan term. No application fees to pay. Additional repayments up to $20,000 per year without penalty. Free online redraw. Optional 100% offset feature ($10/month) 10% minimum deposit. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.
Read reviews and learn more about NRMA Insurance home loans
Go to siteCompetitive fixed rate on up to a 30 year loan term. No application fees to pay. Additional repayments up to $20,000 per year without penalty. Free online redraw. Optional 100% offset feature ($10/month) 10% minimum deposit. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.
Read reviews and learn more about NRMA Insurance home loans
Go to siteCompetitive variable rate on up to a 30 year loan term. No application fees to pay. Unlimited additional repayments. Free online redraw. Optional 100% offset feature ($10/month) 10% minimum deposit. Fees & charges apply, Australian Credit Licence 237879 is held by Bendigo and Adelaide Bank Limited, the credit provider.
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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.
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Get competitive rates on loan terms of 5 to 30 years with the Aussie Elevate Home Loan. Structure your loan with up to five splits. Make additional repayments (T&Cs apply). Offset accounts available. Unlimited redraw using your online banking account. Choose from weekly, fortnightly or monthly payments For loan amounts from $10,000 to $5 million.
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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.
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When other banks closed the door to me, this one was the only one to accept me as a customer. And I never failed any payments at all. It felt less bureaucratic.
Read full reviewWhen other banks closed the door to me, this one was the only one to accept me as a customer. And I never failed any payments at all. It felt less bureaucratic.
I have a mortgage with RAMS and since the beginning it has been easy. Their customer service is second to none, whenever I have needed to contact them they have Australian phone lines and answer promptly. I have never had an issue with them. Their app could be updated as it is a bit of an older interface and feels that way however it still does everything you need it to do.
Read full reviewI have a mortgage with RAMS and since the beginning it has been easy. Their customer service is second to none, whenever I have needed to contact them they have Australian phone lines and answer promptly. I have never had an issue with them. Their app could be updated as it is a bit of an older interface and feels that way however it still does everything you need it to do.
NAB is of course one of the big 4, so knowing that they can disregard borrowers individual requests for tayloring home loans when you need to(which they will do !). That said they do have great packages that include credit cards, a good app to access your loan & lots of brick & mortor branches.
Read full reviewNAB is of course one of the big 4, so knowing that they can disregard borrowers individual requests for tayloring home loans when you need to(which they will do !). That said they do have great packages that include credit cards, a good app to access your loan & lots of brick & mortor branches.
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