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 421 home loans using the filters.
Last updated 16 January 2025 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

    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
    Go to site

    Convenient offset account. No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.

  • Promoted

    Variable Home Loan 90

    • Principal and Interest
    • LVR <90%
    Interest rate
    6.04 % p.a.
    Variable
    Comparison rate
    6.08 % 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.

  • Promoted

    Offset Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR <60%
    Interest rate
    6.14 % p.a.
    Variable
    Comparison rate
    6.17 % p.a.
    Initial monthly repayment
    $3,043
    Go to site

    100% offset account so you can save on interest and reduce the amount you pay on your home loan. Free redraw. 100% offset account. Only 5% deposit required. No ongoing monthly loan maintenance fees to pay. Tiered interest rates so you can benefit from a lower rate when you borrow less.

  • Promoted

    Offset Variable Home Loan

    • Principal & Interest
    • LVR <60%
    Interest rate
    6.34 % p.a.
    Variable
    Comparison rate
    6.37 % p.a.
    Initial monthly repayment
    $3,108
    Go to site

    Competitive interest rate. 100% offset account so your savings can reduce the amount of interest you pay on your home loan. No ongoing monthly fees. Buy your home with as little as a 5% deposit. You can redraw your repayments if you’re ahead. Choose to repay weekly, fortnightly, or monthly. Make extra payments without penalty, to pay off your home loan even faster.

  • 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

  • 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

  • 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 Premium Choice Home Loan

    • Owner Occupier
    • Principal & Interest
    • LVR<80%
    Interest rate
    5.59 % p.a.
    Fixed 2 years
    Comparison rate
    7.12 % 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

  • 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

  • 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
    Go to site

    Convenient offset account. No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.

  • 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

  • Fixed Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.74 % p.a.
    Fixed 2 years
    Comparison rate
    5.99 % p.a.
    Initial monthly repayment
    $2,915
    No Partner link

  • Fixed Home Loan

    • Owner Occupier
    • Principal and Interest
    Interest rate
    5.74 % p.a.
    Fixed 2 years
    Comparison rate
    6.01 % p.a.
    Initial monthly repayment
    $2,915
    No Partner link

  • Fixed Express Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.74 % p.a.
    Fixed 2 years
    Comparison rate
    6.15 % p.a.
    Initial monthly repayment
    $2,915
    No Partner link

  • Complete Home Loan

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.74 % p.a.
    Fixed 2 years
    Comparison rate
    6.36 % p.a.
    Initial monthly repayment
    $2,915
    No Partner link

  • 2 Year Fixed Home Loan Special Offe

    • Owner Occupier
    • Principal & Interest
    • LVR<60%
    Interest rate
    5.74 % p.a.
    Fixed 2 years
    Comparison rate
    6.40 % p.a.
    Initial monthly repayment
    $2,915
    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 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
    No Partner link

  • Standard Home Loan

    • Owner Occupier
    • Fixed
    Interest rate
    5.79 % p.a.
    Fixed 3 years
    Comparison rate
    7.81 % p.a.
    Initial monthly repayment
    $2,931
    No Partner link

  • Fixed Home Loan

    • Owner Occupier
    • Principal and Interest
    • LVR<75%
    Interest rate
    5.84 % p.a.
    Fixed 2 years
    Comparison rate
    6.14 % p.a.
    Initial monthly repayment
    $2,947
    No Partner link

  • Elevate Fixed

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.84 % p.a.
    Fixed 2 years
    Comparison rate
    6.15 % p.a.
    Initial monthly repayment
    $2,947
    No Partner link

  • SmartFix

    • Owner Occupier
    • Principal & Interest
    Interest rate
    5.84 % p.a.
    Fixed 2 years
    Comparison rate
    6.33 % p.a.
    Initial monthly repayment
    $2,947
    No Partner link

Showing 29 results from 421 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.

Brands we compare

We compare home loans from the following well-known providers and many more... See more home loan providers

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  • IMB Bank brand logo
  • Macquarie brand logo
  • loans.com.au brand logo
  • Unloan brand logo
  • BCU Bank brand logo
  • SWSbank brand logo
  • P&N Bank brand logo
  • Newcastle Permanent brand logo
  • IMB Bank brand logo
  • Macquarie brand logo
  • loans.com.au brand logo
  • Unloan brand logo
  • BCU Bank brand logo
  • SWSbank brand logo
  • P&N Bank brand logo
  • Newcastle Permanent brand logo
  • IMB Bank brand logo
  • Macquarie brand logo
  • loans.com.au brand logo
  • Unloan brand logo
  • BCU Bank brand logo
  • SWSbank brand logo
  • P&N Bank brand logo
  • Newcastle Permanent brand logo
  • IMB Bank brand logo
  • Macquarie brand logo
  • loans.com.au brand logo
  • Unloan brand logo
  • BCU Bank brand logo
  • SWSbank brand logo
  • P&N Bank brand logo

Home loan customer reviews

Bankwest Home Loan
Overall 8/10
Excellent basic banking package

App is easy to use. No physical banks to have a face to face conversation however easy to contact online. Competitive rates without all the lights and buzzes that you don’t use.

Read full review

App is easy to use. No physical banks to have a face to face conversation however easy to contact online. Competitive rates without all the lights and buzzes that you don’t use.

Price
9/10
Features
7/10
Customer service
8/10
Convenience
10/10
Trust
10/10
Less
Jenny, Victoria, reviewed about 12 hours ago
ING Home Loan
Overall 9/10
ING Bank had the lowest variable rate

I believe ING Bank is a popular choice for many because of its focus on innovation, customer-centric services, and competitive financial products. Here are some reasons why we bank with ING bank: Pros of ING Bank: 1. User-Friendly Digital Banking: ING is known for its excellent online and mobile banking platforms. Their apps are intuitive, secure, and packed with features that make managing money easy. 2. Low Fees: ING often offers low or no fees for basic accounts, such as checking and savings accounts, making it an affordable choice for everyday banking. They also gave us the best variable rate for our first home. 3. Competitive Savings Rates: ING is renowned for its high-interest savings accounts, providing better returns compared to many traditional banks. 4. Global Presence: As a multinational bank, ING has a strong global network, making it an appealing choice for expats or people needing international banking services. 5. Great Customer Support: Their customer service is generally well-rated, offering support through multiple channels like phone, chat, and email

Read full review

I believe ING Bank is a popular choice for many because of its focus on innovation, customer-centric services, and competitive financial products. Here are some reasons why we bank with ING bank: Pros of ING Bank: 1. User-Friendly Digital Banking: ING is known for its excellent online and mobile banking platforms. Their apps are intuitive, secure, and packed with features that make managing money easy. 2. Low Fees: ING often offers low or no fees for basic accounts, such as checking and savings accounts, making it an affordable choice for everyday banking. They also gave us the best variable rate for our first home. 3. Competitive Savings Rates: ING is renowned for its high-interest savings accounts, providing better returns compared to many traditional banks. 4. Global Presence: As a multinational bank, ING has a strong global network, making it an appealing choice for expats or people needing international banking services. 5. Great Customer Support: Their customer service is generally well-rated, offering support through multiple channels like phone, chat, and email

Price
10/10
Features
8/10
Customer service
10/10
Convenience
8/10
Trust
10/10
Less
Julia, Victoria, reviewed about 12 hours ago
The Mutual Bank Budget Home Loan
Overall 7/10
It's the cheapest interest rate!

It has the cheapest interest rate you can find.

Read full review

It has the cheapest interest rate you can find.

Price
7/10
Features
6/10
Customer service
7/10
Convenience
6/10
Trust
7/10
Less
Natalie, New South Wales, reviewed about 12 hours ago

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