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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.
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Read our Mozo Review to learn more about this Macquarie Offset Home Loan
Go to siteCompetitive 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
Go to siteLock in a low 2 year fixed rate with the Mozo award winning Home Lender of the Year. Available for live-in borrowers with just a 10% deposit required. Free extra repayments (up to 20% in fixed period), free redraw and partial offset available. $10 monthly service fee. Aussie support centre. Fast approvals. Up to 6 free offset accounts (T&Cs apply).
Read our Mozo Review to learn more about this Bendigo Bank Fixed Express Home Loan
Go to siteGet 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
Go to siteCompetitive 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
Go to siteAbility 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
Go to siteEnjoy 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
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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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We compare home loans from the following well-known providers and many more... See more home loan providers
No ability to work with individual people, if you dont fit in their boxes they cannot help you. Even if you are a long term customer, the people you speak to are not able to resolve or assist outside of the tick boxes making it very frustrating as a human.
Read full reviewNo ability to work with individual people, if you dont fit in their boxes they cannot help you. Even if you are a long term customer, the people you speak to are not able to resolve or assist outside of the tick boxes making it very frustrating as a human.
Great home loan rates and work with our families needs. Good loan products and enjoy having an offset account
Read full reviewGreat home loan rates and work with our families needs. Good loan products and enjoy having an offset account
Easy to navigate our home loan online and see current balance. Redraw is swift and easy. Unloan has a very competitive interest rate and we are overall very happy with the ease of use and customer service we have received to date!
Read full reviewEasy to navigate our home loan online and see current balance. Redraw is swift and easy. Unloan has a very competitive interest rate and we are overall very happy with the ease of use and customer service we have received to date!
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