Fact Checked
Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.04% p.a. | 6.06% p.a. | $3,011 | Principal & Interest | Variable | $0 | $530 | 90% | 4.6 Star Customer Ratings |
| Promoted | Disclosure | |||||||||
6.14% p.a. | 6.39% p.a. | $3,043 | Principal & Interest | Variable | $248 | $350 | 60% |
| Disclosure | |||||||||||
6.09% p.a. | 6.43% p.a. | $3,027 | Principal & Interest | Variable | $395 | $0 | 80% | |||||||||||||
6.18% p.a. | 6.21% p.a. | $3,056 | Principal & Interest | Variable | $0 | $845 | 60% | |||||||||||||
6.19% p.a. | 6.24% p.a. | $3,059 | Principal & Interest | Variable | $0 | $600 | 80% | |||||||||||||
6.23% p.a. | 6.26% p.a. | $3,072 | Principal & Interest | Variable | $0 | $300 | 80% | |||||||||||||
6.24% p.a. | 6.35% p.a. | $3,075 | Principal & Interest | Variable | $10 | $799 | 80% | |||||||||||||
6.25% p.a. | 6.60% p.a. | $3,079 | Principal & Interest | Variable | $375 | $0 | 80% | |||||||||||||
6.29% p.a. | 6.32% p.a. | $3,092 | Principal & Interest | Variable | $0 | $350 | 60% | |||||||||||||
6.34% p.a. | 6.63% p.a. | $3,108 | Principal & Interest | Variable | $299 | $350 | 90% | |||||||||||||
6.39% p.a. | 6.51% p.a. | $3,124 | Principal & Interest | Variable | $10 | $150 | 80% | |||||||||||||
6.49% p.a. | 6.49% p.a. | $3,157 | Principal & Interest | Variable | $0 | $0 | 80% | |||||||||||||
6.79% p.a. | 6.87% p.a. | $3,256 | Principal & Interest | Variable | $8 | $350 | 60% | |||||||||||||
8.73% p.a. | 8.86% p.a. | $3,926 | Principal & Interest | Variable | $8 | $750 | 97% |
Important Information and Comparison Rate Warning
Important Information and Comparison Rate Warning
Frequently Asked Questions
There are pros and cons to both redraw facilities and offset accounts, so one is not necessarily better than the other. While an offset account often offers more accessibility and flexibility compared than a redraw facility, home loans that come with offset accounts generally have higher interest rates than loans that only have a redraw facility.
Unlike a savings account, funds in an offset account do not earn interest, so there are no interest earnings to tax. Instead, the money in an offset account reduces the interest costs on the loan.
Offset accounts are designed to have the same functionality as a savings account, giving you easy instant access to funds. Many offset accounts even come with a debit card to allow you to spend and withdraw cash from it.
Generally, you can only have one offset account linked to one loan. Some lenders may allow you to have multiple offset accounts linked to one loan, however the majority don't.
You can only put funds from your super into an offset account once you've reached the age at which you're legally allowed to access your super. If you've permanently retired, this may be between 55 to 60 (depending on when you were born) or after you've turned 65 (regardless of whether you've retired or not).
Your minimum monthly repayments will generally stay the same no matter how much money is in your offset account. Having money in an offset account just means more of your repayment amount will go towards paying down the loan principal and less towards interest. The money in an offset account is 'offset' against the balance of your home loan, so you only pay interest on the difference between the loan amount and the amount in your offset account. This can considerably reduce the amount of interest you need to pay, so your monthly mortgage repayments reduce the loan amount faster.
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