Mortgage Offset Calculator
Calculate how much you could save on your home loan by using an offset account. See the potential interest savings and how much faster you could pay off your mortgage.
Offset Savings Calculator
How It Works
This calculator demonstrates the savings you can make by maintaining a balance in an offset account linked to your mortgage.
Loan Amount: The total amount of your home loan.
Interest Rate: The annual interest rate for your loan.
Offset Balance: The amount of money in your offset account.
The interest you save is calculated daily and charged monthly, reducing the overall cost of your loan.
Want to Make Your Savings Work for You?
An offset account is a powerful tool to reduce your home loan interest. Our experts can help you find the right loan with the best features for your needs.
Frequently Asked Questions
What is a mortgage offset account?
An offset account is a transaction account linked to your home loan. The balance in this account is 'offset' against your loan principal, so you only pay interest on the difference. This can save you a significant amount of interest over the life of the loan.
Can I access the money in my offset account?
Yes, absolutely. An offset account works like a regular transaction account, so you can deposit your salary and withdraw funds as needed. This flexibility is one of its key benefits.
Is an offset account better than a redraw facility?
They are similar but have key differences. Offset funds are kept in a separate account and are easier to access. Redraw facilities are for extra repayments made directly to the loan, and accessing these funds can sometimes be more restrictive. We can help you decide which is best for you.
Does every home loan have an offset account?
No, not all home loans offer an offset account, and they are more common with variable-rate loans. It's an important feature to consider when choosing a mortgage. Our team can help you find a loan with the features that suit your financial strategy.