Compare offset home loan

An offset account is a savings account that can help you save money on your home loan. Mozo's guides and comparison tools can help you compare home loan deals with offset accounts. Get started today!

JP Pelosi
Managing editor
Evlin DuBose
Senior Money Writer
Fact Checked
Piggy bank offset account home loan
Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 426 home loans using the filters.
Last updated 14 December 2024 Important disclosures and comparison rate warning*
What are your home loan needs?

Your loan-to-value ratio (LVR): 50%

Loan amount and LVR will affect interest rates.

  • Promoted

    Variable Home Loan 90

    • Principal and Interest
    • LVR <90%
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.06 % p.a.
    Initial monthly repayment
    $3,011
    Go to site

    Affordable home loan rate for buyers or refinancers. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 10% deposit required.

  • Clean Energy Home Loan - Renovate

    • Owner Occupier
    • LVR<90%
    Interest rate
    5.14 % p.a.
    Fixed 3 years
    Comparison rate
    6.17 % p.a.
    Initial monthly repayment
    $2,727
    No Partner link

  • Clean Energy Home Loan - New Build

    • Owner Occupier
    • LVR<90%
    Interest rate
    5.44 % p.a.
    Fixed 3 years
    Comparison rate
    6.26 % p.a.
    Initial monthly repayment
    $2,820
    No Partner link

  • 2 Year Fixed Home Loan

    • Principal & Interest
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    6.02 % p.a.
    Initial monthly repayment
    $2,836
    No Partner link

  • 3 Year Accelerator Fixed Home Loan

    • Owner Occupier
    Interest rate
    5.49 % p.a.
    Fixed 3 years
    Comparison rate
    6.26 % p.a.
    Initial monthly repayment
    $2,836
    No Partner link

  • 2 Year Accelerator Fixed Home Loan

    • Owner Occupier
    Interest rate
    5.49 % p.a.
    Fixed 2 years
    Comparison rate
    6.30 % p.a.
    Initial monthly repayment
    $2,836
    No Partner link

  • Dream Value Fixed Home Loan

    Interest rate
    5.49 % p.a.
    Fixed 3 years
    Comparison rate
    6.48 % p.a.
    Initial monthly repayment
    $2,836
    No Partner link

  • Fixed Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    5.95 % p.a.
    Initial monthly repayment
    $2,852
    No Partner link

  • Fixed Home Loan

    • Owner Occupier
    • Principal and Interest
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    5.97 % p.a.
    Initial monthly repayment
    $2,852
    No Partner link

  • Fixed Express Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $2,852
    No Partner link

  • Complete Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    6.32 % p.a.
    Initial monthly repayment
    $2,852
    No Partner link

  • 2 Year Fixed Home Loan Special Offe

    • Owner Occupier
    • Principal & Interest
    • LVR<60%
    Interest rate
    5.54 % p.a.
    Fixed 2 years
    Comparison rate
    6.36 % p.a.
    Initial monthly repayment
    $2,852
    No Partner link

  • myBlue Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    5.59 % p.a.
    Fixed 2 years
    Comparison rate
    5.99 % p.a.
    Initial monthly repayment
    $2,867
    No Partner link

  • Special 2 Year Fixed

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    5.59 % p.a.
    Fixed 2 years
    Comparison rate
    6.46 % p.a.
    Initial monthly repayment
    $2,867
    No Partner link

  • Fixed Rate Home Loan

    • Owner Occupier
    Interest rate
    5.59 % p.a.
    Fixed 3 years
    Comparison rate
    7.03 % p.a.
    Initial monthly repayment
    $2,867
    No Partner link

  • Fixed Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.64 % p.a.
    Fixed 2 years
    Comparison rate
    6.01 % p.a.
    Initial monthly repayment
    $2,883
    No Partner link

  • Fixed Home Loan

    • Owner Occupier
    • Principal and Interest
    • LVR<75%
    Interest rate
    5.64 % p.a.
    Fixed 2 years
    Comparison rate
    6.10 % p.a.
    Initial monthly repayment
    $2,883
    No Partner link

  • Elevate Fixed

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.64 % p.a.
    Fixed 2 years
    Comparison rate
    6.11 % p.a.
    Initial monthly repayment
    $2,883
    No Partner link

  • SmartFix

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.64 % p.a.
    Fixed 2 years
    Comparison rate
    6.29 % p.a.
    Initial monthly repayment
    $2,883
    No Partner link

  • Accelerator Fixed Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.64 % p.a.
    Fixed 2 years
    Comparison rate
    6.34 % p.a.
    Initial monthly repayment
    $2,883
    No Partner link

  • Equity Plus Fixed

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.13 % p.a.
    Initial monthly repayment
    $2,899
    No Partner link

  • Fixed

    • Owner Occupier
    • Principal & Interest
    • LVR <80%
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.25 % p.a.
    Initial monthly repayment
    $2,899
    No Partner link

  • Offset Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <70%
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    6.30 % p.a.
    Initial monthly repayment
    $2,899
    No Partner link

  • Fixed Rate Home Loan

    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    7.11 % p.a.
    Initial monthly repayment
    $2,899
    No Partner link

  • Standard Home Loan

    • Owner Occupier
    • Fixed
    Interest rate
    5.69 % p.a.
    Fixed 2 years
    Comparison rate
    8.04 % p.a.
    Initial monthly repayment
    $2,899
    No Partner link

  • Fixed Rate

    • Owner Occupier
    • Principal & Interest
    • <80% LVR
    Interest rate
    5.74 % p.a.
    Fixed 2 years
    Comparison rate
    6.94 % p.a.
    Initial monthly repayment
    $2,915
    No Partner link

  • Fixed Premium Choice Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR<80%
    Interest rate
    5.74 % p.a.
    Fixed 1 year
    Comparison rate
    7.31 % p.a.
    Initial monthly repayment
    $2,915
    No Partner link

  • Fixed Rate Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.79 % p.a.
    Fixed 2 years
    Comparison rate
    6.24 % p.a.
    Initial monthly repayment
    $2,931
    No Partner link

  • Flex Home Loan

    • Fixed
    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    5.79 % p.a.
    Fixed 2 years
    Comparison rate
    6.27 % p.a.
    Initial monthly repayment
    $2,931
    Go to site

    Competitive Fixed rate. Multiple offset accounts available. Borrowers can also make extra repayments. Redraw facility available. Simple online application process. 40% deposit required.

  • Fixed Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR<70%
    Interest rate
    5.79 % p.a.
    Fixed 2 years
    Comparison rate
    7.41 % p.a.
    Initial monthly repayment
    $2,931
    No Partner link

Showing 30 results from 426 home loans
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Knowledge Hub

What is an offset account?

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!

Person putting coins into an offset account
Person holding a piggy bank offset account

How an offset account works

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 will I save with an offset account?

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 have more money in the offset account.
  • The offset is a 100% offset account.
  • Your loan size is small.
  • Your interest rate is low.

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. 

Woman thinking about how much an offset account will save her
Man points to partial offset account

What does a “partial offset account” mean?

Not all offset accounts are created equal, and it pays to double check what you’re signing up for.

  • A full offset account means that 100% of the funds in your account will be offset against what you owe on your home loan. 
  • A partial offset account means only a part of the balance in your account offsets against your home loan amount. 

Partial offset accounts are more common fixed rate home loans, since fixed mortgages tend to have more limited features. 

Compare offset account home loans interest rates

Having an offset account attached to your loan can help reduce the amount of interest you pay and has the potential for big savings over the life on your home loan.

However, there's no true substitute for a truly competitive home loan interest rate.

Woman comparing offset account home loan rates

Offset home loan FAQs

Does it cost more to have an offset account on my mortgage?

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. 

What’s the difference between an offset account and making extra repayments?

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.

How do I find the right offset home loan for me?

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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JP Pelosi
JP Pelosi
RG146
Managing editor

Managing Editor Jean-Paul (JP) Pelosi leads the editorial team, with over 20 years of experience writing for top outlets like The Guardian, The Sydney Morning Herald and News.com.au. JP's expertise in home loans and property is complemented by his rich background at major financial firms including CommBank, Suncorp and Amex. Holding a Master's in Communications and international experience in journalism, JP combines passion with skill and has a unique ability to apply this editorial experience and financial knowledge to advise the team on how to create engaging financial content for Australian consumers.

Evlin DuBose
Evlin DuBose
RG146
Senior Money Writer

Evlin is RG146 certified for Generic Knowledge and has become a leading voice in finance news since joining Mozo two years ago. She is regularly featured in Google's Top Stories alongside major publications like News.com.au and Yahoo Finance, and seasoned journalists. Despite being in the industry for just two years, she is Mozo's go-to writer for all things RBA and her research has been referenced by the Victorian Government. With a Bachelor of Communications degree from UTS, where she won the Dean's Merit Award and acted as the Director of Student Publications.

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Home loan customer reviews

Commonwealth Bank Home Loan
Overall 6/10
Commonwealth Bank Home loan Review

I’ve been using Commonwealth Bank for my home loan, and overall, it’s been a positive experience. One of the standout features is their exceptional customer service. They were incredibly helpful in structuring our loan for a removal house, which was more complex than a standard loan. The team took the time to guide us through the process and ensure we understood all the details, which made the whole experience much smoother. Additionally, their online and phone services are user-friendly and convenient, making it easy to manage our account and stay on top of things. However, one downside is that compared to other banks I’ve seen, Commonwealth Bank doesn’t offer many benefits or advantages to help with the cost of living. While their home loan services are great, there aren’t many extra perks that could make day-to-day banking more rewarding. Overall, I’m happy with their service but feel room for improvement exists.

Read full review

I’ve been using Commonwealth Bank for my home loan, and overall, it’s been a positive experience. One of the standout features is their exceptional customer service. They were incredibly helpful in structuring our loan for a removal house, which was more complex than a standard loan. The team took the time to guide us through the process and ensure we understood all the details, which made the whole experience much smoother. Additionally, their online and phone services are user-friendly and convenient, making it easy to manage our account and stay on top of things. However, one downside is that compared to other banks I’ve seen, Commonwealth Bank doesn’t offer many benefits or advantages to help with the cost of living. While their home loan services are great, there aren’t many extra perks that could make day-to-day banking more rewarding. Overall, I’m happy with their service but feel room for improvement exists.

Price
3/10
Features
6/10
Customer service
10/10
Convenience
9/10
Trust
7/10
Less
Caitlyn, Queensland, reviewed 3 days ago
Commonwealth Bank Standard Variable Rate (Wealth Package)
Overall 8/10
Meet expectations

They are ok. Similar rates ans perks to other banks. Quick customer service and reliable. Meet expectations.

Read full review

They are ok. Similar rates ans perks to other banks. Quick customer service and reliable. Meet expectations.

Price
7/10
Features
6/10
Customer service
9/10
Convenience
8/10
Trust
8/10
Less
Cass, Victoria, reviewed 3 days ago
St.George Standard Variable Home Loan
Overall 3/10
Would not recommend

There Rates are high and they outrightly refuse to give you a better Rate. The redraw is handy and you can put extra money in to pay down the Loan earlier. The charges are reasonable but due to the high Rates, I would not recommend them to anyone. Loyalty Tax is well and truly alive here.

Read full review

There Rates are high and they outrightly refuse to give you a better Rate. The redraw is handy and you can put extra money in to pay down the Loan earlier. The charges are reasonable but due to the high Rates, I would not recommend them to anyone. Loyalty Tax is well and truly alive here.

Price
2/10
Features
4/10
Customer service
5/10
Convenience
5/10
Trust
2/10
Less
Kevin, Queensland, reviewed 3 days ago

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