Home Loan Offset Calculator

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Your offset account details

Please enter offset account balance
Loan balance chart
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Loan balance chart

How do offset accounts work?

A popular feature of home loans is an offset account attached to the home loan.

An offset account nets off the deposit account balance from the amount of outstanding debt on the home loan account, to lessen the overall balance owing. This leads to reduced interest being charged.

As a borrower, the more you add into the offset deposit account the more you can save over the life of the loan.

Offset Savings FAQ's

How often is interest calculated?

The standard calculation is daily. So, therefore the more you can keep and grow in your offset savings account the better.

How many offset accounts can I have?

Most banks will allow 1 linked deposit account. However, some banks have the capability to link multiple deposit accounts as offset enabled deposit accounts. This can be useful if you have separate accounts per applicant, or if you take a 'buckets' approach to saving or budgeting.

Can offset accounts work on fixed loans?

Generally no. However, there is one bank that allows for a fixed rate on offset-enabled home loans. This provides you with the certainty of a fixed rate, with the flexibility of being able to accelerate payments on your mortgage.

Are offset accounts the same as redraw accounts?

No, they are similar but different. A redraw account uses funds directlty into the home loan debt accoint itself to reduce the outstanding balance, while an offset arrangement is in fact 2 accounts, with the savings account balance being used to net off (or subtract) from the home loan debt balance.

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