Offset Accounts for your Mortgage

Mortgage Offset Account

Doubtless there have been many times in your life when you wished someone had told you there was an easier way – when you realised just how much compounding interest could have saved you if you had put away just $20 a week from your first job in high school; or when you calculated just how little an investment property could cost you and you wondered why you didn’t get into investments sooner. Well don’t let managing your mortgage and repaying your home loan sooner be another lament to add to the list because here we are telling you there is an easier way, all you have to do is listen and learn.

Featured Offset Home Loan

Loans.com.au – Dream Catcher home loan features zero fees, unlimited free redraw and 100% free interest offsetting. Plus a low interest rate.

• Interest Rate of 6.13%
• Comparison Rate of 6.47%
• Application Fee of $0
• Maximum LVR With LMI: 80%
• Minimum Borrowing: $50,000
• Maximum Borrowing: $750,000

Enquire about the Loans.com.au – Dream Catcher​ terms and conditions

Home Loans Offering Offset Account Feature

Home Loan	Details	Interest Rate (p.a.)	Comp Rate^ (p.a.)	App Fee / Ongoing Fee	Max LVR	Min & Max Borrowing
Loans.com.au – Dream Catcher​	A full featured home loan with a 100% redraw offset facility, plus a low interest rate with no application fee.	6.13%	6.47%	$0 / $375	80%	$50,000 / $750,000
Illawarra Home Loans Bank Beater Home Loan	A Low variable rate and a further rate cut of 0.05% p.a. after 5 years.	6.28%	6.56%	$0 / $345	90%	$250,000 / $1,000,000
State Custodians Mortgage Company Standard Variable Offset Loan	A top loan for first home buyers with a linked offset account to keep banking simple.	6.37%	6.57%	$0 / $345	95%	$150,000 / $1,000,000
State Custodians Mortgage Company Breathe Easy Offset Loan	A low interest rate with no application fee.	6.62%	6.48%	$0 / $0	95%	$150,000 / $1,000,000
HomeStar No Fee 100% Offset	Save with no fees and the option of interest only repayments	6.46%	6.46%	$0 / $0	90%	$250,000 / $750,000

By choosing a home loan with a linked offset account you can save money on your mortgage, and years of your home-loan-repaying-life simply by making a few small changes to your financial habits. Your offset account literally offsets the amount of interest you pay on your mortgage and the less interest there is to repay, the less time you have to spend as a mortgage holder. The interest charges on your home loan make up the primary portion of your minimum monthly repayment, and over the life of a 30 year loan you can be paying hundreds of thousands of dollars in interest, on top of repaying the hundreds of thousands of dollars you borrowed to buy your home. This is why it is so important for your financial future to take control of your home loan interest rate, and the best part is, most lenders are giving you all the tools you need in an offset account, all you need to know is how to maximise their benefits.

That is why Home Loan Finder have created this comprehensive guide to offset accounts, so that you can have all of your questions answered, plus all of those questions you never thought to ask, sand arm yourself with the information to use the tools just waiting at your fingertips.

What is an offset account?

An offset account is simply a transactional account from your bank or other home loan lender. Your offset account is held by the same financial institution which holds your home loan, and your loan and your offset account are therefore linked.

Home loans that feature an offset account can be used as an ordinary savings or transaction account – or both – and you can have your wages and other income deposited in your offset account, you can access those funds at an ATM, through EFTPOS, credit card or internet banking. Using your offset account as your savings account boosts the benefits because every dollar in your offset account is reducing the amount of interest you are charged on your loan.

Your offset account works by theoretically ‘repaying’ part of your principal loan amount, because if you have a $300,000 mortgage for example, and $10,000 in your offset account, you are only charged interest on a loan amount of $290,000. Then, since your minimum monthly repayments are calculated on the full $300,000 original loan amount, when you make your minimum repayment amount, the interest portion is less, so more of your repayment goes towards repaying your principal, and therefore you repay your loan faster.

What are the features of a 100% offset account?

The 100% offset account is the most effective type of offset account you can have because as the name suggests, it is offsetting your savings against your loan amount at the full rate of interest being charged on your home loan, providing you with the maximum savings.

Other features of a typical 100% offset account include:

• Offset your whole home loan interest rate. A 100% offset account attracts an interest rate equal to that charged on your home loan account. Therefore, if the interest rate on your mortgage is 8% then the savings and funds in your offset account earn interest at 8% as well, and that interest earned, offsets 100% of the interest charged on your loan, for the same amount.
• Full transaction account access. Your 100% offset account will be a fully optioned transaction account which will give you EFTPOS access for ATMs and in store purchases, as well as cheque facilities, branch access and telephone banking services. In using your offset account as your transaction account you can close down your old transaction account and save on fees and the hassles of numerous bank accounts.
• Savings account functionality. Using your offset account as your savings account not only boosts the balance offset against your loan amount, but also makes sense for tax and financial reasons as well. While the interest you earn on an external high interest savings account may look appealing, when it comes to tax time you have to declare all of the interest you have earned from your savings, you are then taxed on that interest and you don’t actually earn as much as you thought you had. However, by using a 100% offset account linked to your home loan, you are saving interest and you can’t be taxed on interest saved, but you still enjoy the same benefits; this is because if you have a home loan charging you 8% interest for example, a high interest savings account is likely to earn you 6-7% interest if you’re lucky, so when you compare the interest you earn on your savings to the interest you pay on your debts, it doesn’t make financial sense to have a separate savings account. However, if you can save interest on your home loan, you are in a much better financial position.
• Linked credit card. As part of a 100% offset account package, your lender will probably offer you a linked credit card. Don’t automatically discard this offer as a value-add sales trick on the lender’s behalf. A linked credit card will often enjoy a fee waiver for the term of your home loan, and using the credit card’s interest free days allows you to leave more of your funds in your offset account for longer, saving you more interest.
• Internet banking. Of course you can access your offset account at any time using internet banking, to make transfers, pay bills (if you’re not using your credit card) or view your account or past transactions.
• Itemised interest savings. It is human nature to want to see the spoils of your efforts and each month when the statement for your offset account arrives in the letterbox or the inbox you will be able to see an itemised listing of exactly how much interest you have saved that month by keeping your balance up.

How does a partial offset account differ?

A partial offset account behaves in a similar way to a 100% offset account, with the same transactional features and access benefits. However, a partial offset account offsets only some of the interest charged on your home loan, rather than the whole amount.

For example, with a partial offset account linked to a home loan with an 8% interest rate, if you had a loan of $300,000 and a balance of $10,000 in your partial offset account, your $10,000 balance may only be earning 6% interest. This means that you are still paying 8% interest on $290,000 of your loan, but only 2% interest on the remaining $10,000 of your loan, as this $10,000 is offset by the 6% interest earned on the balance of your partial offset account.

While a partial offset account saves you interest and time in repaying your mortgage, it is not going to be as effective as a 100% offset account. Unfortunately some Australian lenders only offer partial offset accounts, and are yet to add 100% offset accounts to their loan features, and if the lender who can approve the loan amount you need, with the remaining loan features you want only offers a partial offset account, then there is little point choosing a different loan with a 100% offset account, if it is not the right loan for you. 

What are the advantages of using an offset account?

To help you decide whether an offset account is a home loan feature you could use, consider the advantages of an offset account, and think about whether they apply to your situation, and how important those benefits are to you.

Advantages of an offset account include:

• Reducing the time it takes to repay your home loan. There are few more convincing reasons to consider a loan feature and the fact that utilising an offset account on your home loan can potentially save you years off of your loan and tens of thousands of dollars in interest make a persuasive argument.
• Less compounding interest. As interest on your home loan is calculated daily, you are battling against compounding interest in repaying your loan. However, in reducing the amount of interest in each home loan repayment, you can repay the same amount, and be repaying more of your principal without having to drastically change your habits.
• Benefits to self-employed users. If you are self-employed or run your own business you know that some months you have a lump sum of payments in your account, while others see your cash flow stretched to a trickle. With an offset account, the times when your account is full can save you on home loan repayments and interest charges to help you through the tighter times. Plus, making savings on interest can also make up for the higher interest charges often associated with low-doc loans.
• No tax on interest saved. It’s always hard to watch the savings you worked so hard to squirrel away be eaten away by tax, however, you can beat the system by making your savings on home loan interest because you aren’t taxed on the interest you save, only on the interest you earn.
• Simplifying your financial products. An offset account works best when you use it for everything and closing your other savings, transaction and cheque accounts can also save you money on a range of account keeping fees, and allow you to do your banking in one place. In this way you can save both time and money once again.

What are the disadvantages of an offset account?

As with anything which seems too good to be true, an offset account can harbour disadvantages as well, if you are not aware of the product’s downside or limitations, or you don’t use it correctly.

For example, disadvantages of an offset account which may catch you out include:

• Fees associated with the account. Offset accounts can come at a high price when you compare the annual or monthly fees associated with some lenders’ offers. This can be because offset accounts are often offered as part of Professional Packages which are packages lenders add to a home loan product to boost the features available to you. These packages can have high fees, often annual fees of several hundred dollars, and unless you know that these fees are up for negotiation in the application process, you could be stuck with them for the next 30 years.
• The need for diligence. With your savings and transaction accounts all rolled into one it can require greater organisation and diligence to manage your finances and know how much you have to spend in a month. Therefore, make sure you can stick to a budget, you know how much of your account balance is your savings and emergency fund, and how much is your wages and available funds. You’ll also need to be able to budget for the minimum monthly repayment amount – the amount calculated before your interest is offset – so that the savings you are making in interest are going straight into an additional repayment.

Who is suited to an offset account?

Wanting to save time and money in repaying your mortgage is not enough when considering using an offset account. Instead, you need to know whether the product is suited to you, your financial situation and the way you intend to use your loan to ensure you really can reap all of the benefits.

Mortgage offset accounts are best suited to:

• Investors. While one of the aims on an investment loan is to use the interest you pay on the loan as a tax deduction, making savings on interest can make cash flow in between tax times easier, and there will still be plenty of other costs involved with your investment to claim. Using an offset account linked to your investment loan allows you to set aside funds for repairs, maintenance or to cover repayments if you are between tenants, while giving you easy access to those funds, but not having to commit them to your investment spending until you have to.
• Second home buyers. If you have been through the loan application process before and adjusted your lifestyle and budget to be able to easily meet your mortgage repayments, then you can benefit from the ease of an offset account. As a second home buyer you may have additional funds from the sale of your first home which you can deposit into your offset account, where they can save you money on your current loan, and still be easily accessible if you decide to renovate, go on holiday or buy an investment property.
• Home owners with extra funds. You can of course only benefit from an offset account if you use it, so you will be suited to using a mortgage offset if you know you will be able to keep your savings and extra funds in the account for continuing periods. While this may traditionally exclude many first home buyers you may be a first time buyer who does have savings left over after paying their deposit and setting out from the beginning to reduce your interest charges and loan term can help you secure your financial future.

How should an offset account be used?

While an offset account appears to be just like an ordinary financial product, it is at the same time unlike any other account you have used before; it can be used as a savings account, as a transaction account and you can have your loan repayments debited from it, but it can also be so much more if you just know how to use it.

Steps to successfully using a mortgage offset account:

1. Use a credit card. Chances are you are used to hearing just the opposite of this advice but when you have a mortgage offset account you want there to be as much money in the account as possible for as long as possible so leave your wages where they are and use a credit card with a long interest-free period for everything. Aim to use your credit card for all of your everyday purchases such as fuel, groceries and spending money, as well as paying all of your bills on the card. In this way you are using the bank’s money during the interest-free period and you are allowing your own money to offset the interest charged on your home loan.
2. Redirect all wages and other income to your offset account. As soon as you open an offset account with your new home loan lender make sure you give the new account details to your employer so that they can debit your wages to your offset account. Also if you receive any other income from other investments or from part-time or contract work make sure all of your clients have your new offset account details.
3. Close all of your other bank accounts. At the same time contact your old bank or financial institutions to close all of your savings, cheque and transaction accounts. Australian banks and financial institutions are now governed by new regulations which require them to provide you with information about all direct debits and credits associated with your account if you choose to close your account. When you close your other bank accounts you can request this information to make sure you don’t forget to cancel any payments coming from those accounts and schedule them to be paid from your credit card in the future. In closing all of your other accounts you no longer have to worry about monthly fees or charges, or about having to keep the different fee structures in mind when you want to make a purchase so you can remember which account has the lower ATM fees and which allows you to make free EFTPOS transactions.
4. Stick to your budget and always repay your credit card before the end of the interest free period. When choosing a credit card limit choose one which closely aligns to your monthly budget amount and this will help you stick to your budget and avoid overspending on your credit card. Of course this method should be used in conjunction with a detailed budget of all of your necessary expenses, your everyday costs and what you spend in reality on coffee runs, dinners out and movie nights. You need to carefully monitor your spending and stick to your budget to ensure that you can repay your credit card in full before the end of every interest-free period every month. Just as there is no point in using a savings account which owns you 6% interest when you are being charged 8% interest on your home loan, there is even less benefit in using a credit card which charges you 20% interest to save 8% interest on your home loan.
5. Continue to make your original monthly repayment, regardless of interest savings. When you use your offset account correctly interest will be calculated on a smaller loan amount and therefore less interest needs to be paid each month. Your home loan repayments are primarily made up of interest charges with only a small amount going towards repaying your principal so when there is less of an interest commitment required because you have saved interest using offset account your monthly repayments can be significantly smaller. However to make real savings using your offset account continued to make your original monthly repayment because in paying the same amount more of that repayment will go towards repaying the principal because less interest  has been charged.
6. Calculate and make repayments on your stress rate. At the same time, don’t put all of your eggs in the offset basket and if possible make payments higher than the minimum monthly repayment to get you even further ahead. Calculate repayments using a stress rate of 1% or 2% higher than your current home loan interest-rate as this will take care of significant chunks of your principal loan amount as well as give you security in case interest rates do rise by 2% and the savings in your offset account are needed elsewhere.
7. Save, save, save. Your offset account is worthless if you don’t have the maximum amount possible in there so you should always be looking for ways to curb your spending and save money, money which can be left in your offset account to save you interest. To understand the amount required to make a significant difference to your home loan interest charges, if you have a home loan of $100,000 and you are being charged 6.5% interest on a 25 year loan term then your monthly repayments will be around $675. To earn the equivalent of one monthly repayment using the savings made from your offset account you would need to deposit over $10,300 into your offset account and leave it there for the whole year, so you can see that it is easy to make savings using an offset account but it takes commitment to make significant savings.

What is the difference between an offset account and an all in one loan?

An all in one loan is similar to an offset account in that your wages and everyday spending money plus your savings work to offset the interest charged on your loan however rather than having your funds in a separate linked account an all in one loan allows all of your transactions to occur within the loan account.

There are also two different types of all in one home loans, Loan Transaction Accounts and lines of credit. A line of credit is like having a credit card attached to your loan account where a credit limit up to an agreed portion of your equity is set and you can spend that credit on whatever you choose and you do not need to make repayments until you reach your limit. For the purposes of comparison with an offset account a line of credit is a very different product.

Therefore to compare an all in one mortgage consider the features of a Loan Transaction Account where your loan account is your primary savings and transaction account. Using an all in one loan allows you to do away with all of your other banking products and manage your finances from one account which can save you time and money in the same way as an offset account.

However an all in one loan can make it very difficult for you to budget and monitor the savings you are making by offsetting your everyday funds against your loan amount. The combination of your transactions, your savings and your debts can be very dangerous because there is no barrier between your savings and your mortgage, when aim is to keep your savings separate while having them work to save you money on your loan.

All in one loans can often have limited transaction account features and may not allow you to make scheduled payments and transfers, transactions which can easily be set up on an offset account. You may also be looking at higher access fees and limits on the number of transactions you can make for free per month.

What is the difference between using an offset account and using a redraw facility?

Home loans with a redraw facility will allow you to make additional repayments into your loan account while also allowing you to reserve the right to withdraw funds from your loan account up to the value of the additional repayments you have made. Home loans which offer a redraw facility also often come with an offset account so it is important to understand which of these features you should be using for your situation.

Using the redraw facility as opposed to an offset account is best suited to owner occupier mortgage holders because your end goal is to own your own home and in making additional repayments directly to your loan you are committed to reducing the loan amount and the loan term.

Using a redraw facility is not recommended for investors because you need to be very careful to use any additional repayments you redraw for investment purposes because if you make additional repayments and then redraw from your investment loan to cover personal expense you jeopardise your loans tax deductibility. For example if you have an investment loan of $300,000 and make an additional lump-sum payment of $20,000 a year then decide to redraw that $20,000 to buy a car for personal use you can only use $280,000 of your loan as a tax deduction even though you are now repaying the full $300,000 again.

The redraw facility on a home loan is best used as a last resort rather than relying on it for the same access as a transaction account, this is why it is best suited to those looking to commit to repaying their loan as quickly as possible. The obstacles in the way of redrawing funds from your loan are actually a benefit because it makes it harder to get money back out of your loan as you wait for the transaction to be processed or you are discouraged because you have used up your free redraws for this year, so you are more likely to leave your additional repayments in your loan rather than be tempted to spend them as you might be if they were more easily accessible in an offset account.

Most homeowners with a redraw facility are not set up to allow you continued access to your additional repayments either because your lender will have expectations on where your remaining loan balance should be at any one time. This is why there may be limits to your redraw facility and you may only be able to redraw up to a maximum amount set by your lender, or redraw a maximum number of times per year.

Plus, once you have made your additional repayment to your home your principal loan amount is reduced and you save interest instantly because your home loan interest is calculated daily. Therefore you are reaping immediate benefits, in the same way that it doesn’t matter that your credit card charges 20% interest if you pay off the balance before the end of the interest-free period.

How does an offset account were on loan from non-bank lender?

Authorised deposit taking institutions are approved financial institutions within Australia who are regulated and governed to be allowed to hold our savings and investments. However there are also a number of non-bank lenders such as mortgage lenders who are able to offer home loan products but who are not an authorised deposit taking institution. You may have heard the term authorised deposit taking institution in relation to the government’s deposit guarantee where your savings balances up to the value of $1 million are guaranteed until October 2011 if they are held with an ADI.

However where non-deposit institutions are not guaranteed under the deposit scheme they are able to offer home loans and more importantly they can offer home loans with linked offset accounts which behave in the same way as transaction and savings accounts even though these institutions are not authorised to take deposits.

The financial research house Canstar Cannex has said that non-deposit institutions are allowed to offer offset accounts as long as the overall balance, that is the difference between the home loan and the offset account, is not in credit.

At the same time it can still be a worry that your home loan is held by an institution which is not authorised or guaranteed by the Australian government however many non-bank lenders form a partnership with an approved ADI to allow them to offer home loans with offset account facilities. For example Homestar is a non-bank lender who offers an offset account with their home loans, however they use a Suncorp Bank product to facilitate that account.

If you’re still wondering what would happen if your non-bank lender couldn’t honour the savings you had worked hard to keep in your offset account, if the lender did fail or flail, another lender is likely to buy their portfolio and take control of your home loan. In this instance you may not necessarily lose the funds in your offset account but your new land and may reduce your home loan by the amount that is in your offset account so you would no longer have access to your funds.

How do I find the right loan with an offset account?

While an offset account is just one feature of your home loan product it can be a very important one.

It is no surprise that offset accounts are becoming very popular home loan feature and as a result almost all Australian lenders offer an offset account in some form so you can find yourself comparing hundreds of different home loans simply based on the fact that they offer an offset account.

To help you narrow down the search, consider the fact that the most affordable, highly featured and 100% offset accounts are typically offered on:

• Variable interest rate loans. You can find offset accounts on fixed-rate home loans but they are most common on variable-rate loans because the daily interest calculations and the fluctuating variable interest rate on your loan can ensure you get the most relevant benefits from maintaining a balance in your offset account. During the fixed interest rate period on a mortgage the interest is still calculated daily and charged monthly from your repayments however using an offset account with a variable interest rate loan means you can take a more hands-on management role with the offset account balance depending on where you think interest rates are going. Offset accounts on variable interest rate loans are often more inclusive and competitive because on a fixed rate loan your lender has already calculated the rate they need to charge you to cover their costs and if you set about reducing the amount of interest you pay during your fixed term you are of course reducing the lender’s profits.
• Professional packages. A professional package is an inclusive value-add which many lenders use to allow them to offer you more features on your loan. One of those features is an offset account and others often include loan portability, additional repayments and redraw facility, split loan facility and a link to credit card and all of these features are provided for an annual fee for the professional package. Often professional packages are provided as part of a package on home loans with a value greater than $250,000 so you may qualify for a free offset account on your loan amount.
• Standard home loans. A standard home loan is not going to have the lowest interest rate on the market but if you are looking for an offset account then you are comparing loans according to their features and how you’re going to use them rather than just one feature such is the interest rate. Basic home loans have very few features and certainly don’t offer offset accounts, instead you will often find a basic home loan with no annual fee or monthly fees and a very low interest-rate however if you are looking for an offset account then you will need to consider the more feature packed standard home loans which have a slightly higher interest rate.

What should I look for in an offset account?

Outlined in this guide are the basic features you should expect from any offset account from any lender, however each offset account comes with its own list of conditions and pages of fine print which can trip you up when you are expecting your offset account to behave in a certain way and you don’t understand why it is not saving you money; it can be because there are certain conditions you have to meet before you qualify for an offset or you may be being charged a range of fees which make the savings meaningless.

Therefore to help you compare an offset account and find one which does what you wanted to do, make sure you look for:

• Whether they are minimum amounts required. Some mortgage offset accounts will require you to have a minimum balance in your offset account before that balance is offset against your loan amount. This balance is not insubstantial either and is often around $5000 which means that you have to save and maintain up to $5000 in a bank account which is not earning any interest and is benefiting only your lender, and you must maintain a balance of more than $5000 throughout the month because your home loan interest is calculated daily.
• Offset account and transaction fees. You are now aware of the fees which can be associated with an offset account which is part of a professional package and if you don’t qualify for, or can’t negotiate a fee waiver on your professional package you may have to decide whether the annual or monthly fees charged on holding your offset account are worth the savings you make in interest. Also make sure that the transaction accounts to access your wages and savings in your offset account are competitive because with one account being used for all of your ATM, EFTPOS and bill payment transactions transaction fees can quickly add up.
• A 100% offset account. It is possible to find a competitive 100% offset account to ensure the maximum benefits from your linked account. If you are working hard to remain organised and diligent in managing all of your everyday funds and savings in one offset account you want to make sure that you are offsetting all of the interest earned on that amount against the interest charged on your home loan.
• A comparable interest rate. It is easy to get the impression that the home loans which offer offset accounts also automatically come with a higher interest rate. While the interest rate on a home loan with an offset account is likely to be higher than that of a basic home loan what you are giving up for an extra percentage point or two you are gaining in flexibility and the ability to control because of your home loan term. At the same time it is possible to find a home loan with an interest rate rich is comparable to less featured loans if you know where to look and Home Loan Finder can show you where.

How does the offset account process work?

If you are thinking that an offset account sounds too good to be true or that there must be some sort of sticky catch – like you need to have at least $100,000 in your offset account for it to make any difference – then take a look at these real-life offset account calculations to see just how much you can save with realistic offset account balances compared to using a traditional savings account.

Repaying your home loan using a standard savings account:

• Your home loan amount is $300,000.
• Your home loan term is 30 years.
• Your home loan interest rate is 7% per annum.
• You have a savings account balance of $10,000.
• Your savings account interest rate is 5% per annum.

To calculate the interest you would pay on your home loan in just one year take the loan amount and multiply it by the interest rate; in one year you would pay $21,000 in interest on a $300,000 loan.

To calculate the interest you earn in your savings account take your savings account balance and multiply it by the same is account interest rate; in one year you are earning $350 from your savings account before tax.

Therefore deducting the interest earnings from your savings account from the interest charges on your home loan your net interest costs for the year is $20,650. However the interest you earn on your savings account is subject to tax depending on your income tax bracket so your net interest savings are actually lower still.

Repaying your home loan using linked offset account:

• Your home loan amount is $300,000.
• Your home loan term is 30 years.
• Your home loan interest rate is 7% per annum.
• You have a 100% offset account balance of $10,000.

If you kept just $10,000 in your offset account while you repaid your home loan normally you will save over $62,000 in interest. By saving on your daily interest calculations more of your repayments are able to go towards repaying the principal and you can repay your loan in 27 years instead of the full 30 year term. Plus the interest you have gained in using the offset account is tax free because it is linked to your mortgage, and once your home loan is repaid you not only buying your home but you also have your original $10,000 savings as well.

Repaying a mortgage is a fact of life for most Australians and the interest charges are just the cost of doing business with your home loan lender. However that doesn’t mean you can’t take advantage of the tools your lender is offering you and use an offset account to reduce your required monthly home loan repayments pay less interest on your borrowed funds and own your home sooner. As this guide has shown you there are a few basic rules you need to follow to successfully use an offset account.

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