Calculate how much interest an offset account could save on your home loan.
Interest rates from
6.04%
p.a.
Comp. rates from^
6.08%
p.a.
Variable Bare Home Loan 90% LVR
Borrow up to $2m with competitive variable rates from 6.04% p.a. (comparison rate^ 6.08% p.a.). Enjoy flexible payment options, zero monthly or ongoing fees, unlimited free redraws and up to 30 year terms. 90% Max LVR applies. Visit site for T&Cs and to check eligibility.
This offset calculator provides you with an estimate of the potential interest saving and reduction to your home loan term by having money in an offset account.
To use our calculator, you’ll need to enter some details about your home loan. This includes your offset account balance and how often you’ll be making deposits.
How much do you currently owe on your home loan?
What's the interest rate you pay on your home loan?
Do you make monthly, fortnightly or weekly mortgage repayments?
How many years do you have left on your home loan?
How much money you currently have in your offset account, including your savings.
How much money you’re going to deposit into your offset account and how often. This could be savings, lump sum payments like tax returns or other income streams.
Once you’ve entered these details, our offset account calculator will give you an estimate of the total interest you could save, as well as how many years and months you could cut off your home loan.
Interest on your home loan is calculated daily, so the amount you pay can change each day based on your current offset account balance. When you keep money in your offset account, it reduces the amount of your loan balance that interest is calculated on, meaning you pay interest on a smaller amount.
While interest is calculated daily, it’s applied monthly to your loan. So, if you have a $30,000 balance in your offset account for part of the month, like 10 days, it will only reduce the interest for that amount for those 10 days. This means the longer your balance stays in the account, the more interest you save.
Here are some examples of how much an offset account can save you, including the estimated total interest and the time saved on your loan.
Loan amount | $400,000 |
|---|---|
Interest rate | 6.50% |
Offset account balance | $20,000 |
Interest saved over loan term | $102,643 |
Time saved on loan term | 3 years, 4 months |
Loan amount | $600,000 |
Interest rate | 6.50% |
Offset account balance | $30,000 |
Interest saved over loan term | $153,964 |
Time saved on loan term | 3 years, 4 months |
Loan amount | $800,000 |
Interest rate | 6.50% |
Offset account balance | $40,000 |
Interest saved over loan term | $205,285 |
Time saved on loan term | 3 years, 4 months |
Loan amount | $1,000,000 |
Interest rate | 6.50% |
Offset account balance | $50,000 |
Interest saved over loan term | $256,606 |
Time saved on loan term | 3 years, 4 months |
| Loan amount | Interest rate | Offset account balance | Interest saved over loan term | Time saved on loan term |
|---|---|---|---|---|
$400,000 | 6.50% | $20,000 | $102,643 | 3 years, 4 months |
$600,000 | 6.50% | $30,000 | $153,964 | 3 years, 4 months |
$800,000 | 6.50% | $40,000 | $205,285 | 3 years, 4 months |
$1,000,000 | 6.50% | $50,000 | $256,606 | 3 years, 4 months |
 | South West Slopes Bank Intro Discounted Standard Variable Home LoanInterest rate 5.70% per annum (variable) Comparison rate 6.06% per annum Redraw Offset Max LVR 90% | Compare now on Money.com.au or visit site |
 | Gateway Bank Green Plus Home LoanInterest rate 5.85% per annum (variable) Comparison rate 6.14% per annum Redraw Offset Max LVR 80% | Compare now on Money.com.au or visit site |
 | Police Credit Union Low Rate Home Loan Special OfferInterest rate 5.89% per annum (variable) Comparison rate 5.93% per annum Redraw Offset Max LVR 80% | Compare now on Money.com.au or visit site |
 | Transport Mutual Credit Union Refi Special Home LoanInterest rate 5.89% per annum (variable) Comparison rate 5.99% per annum Redraw Offset App Fee: $395 Max LVR 80% | Compare now on Money.com.au or visit site |
 | Bank of China Discount Plus Home Loan - Australian IncomeInterest rate 5.93% per annum (variable) Comparison rate 6.31% per annum Redraw Offset Max LVR 80% | Compare now on Money.com.au or visit site |
Home loan comparison rates are calculated based on a loan amount of $150,000 repaid over a 25-year term with monthly repayments. The comparison rates only apply to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan. Check with the provider for full loan details, including rates, fees, eligibility and terms and conditions to make sure the product is right for you.
General information only The information on this page is general in nature and has been prepared without considering your objectives, financial situation or needs. You should consider whether the information provided and the nature of any home loan product is suitable for you and seek independent financial advice if necessary.
We are not providing you with a recommendation or suggestion about a particular home loan. You should read the relevant disclosure statements or other offer documents before deciding whether to apply for or continue to use a particular product.
What products, features and information are shown While we make every effort to ensure all home loans available in Australia are shown in our comparison tables, we do not guarantee that all products are included.
Our product comparisons may not compare all home loan features and attributes relevant to you.
Product information, such as interest rates, fees and charges, is subject to change without notice. Before acting on any information, you should confirm the relevant product information with the lender.
How home loans are sorted and filtered by default When results load initially in the main comparison table on this page, we show relevant loans from our sponsored partners first, then all loans on our database starting with the lowest relevant rate available from each of Australia's top 10 largest lenders first (top 10 is according to APRA, based on total value of loans per lender). We know these are the rates our customers are most interested in seeing. After these initial results, we show all products on our database, sorted as follows:
Some home loan products listed in our tables are available through a mortgage broker. Mortgage brokers may not be able to offer loans from every provider and there may be more suitable loans for your personal circumstances.
Mortgage brokers are not authorised by Money Pty Ltd's Australian Credit Licence and operate under their own Australian Credit Licence, or as a credit representative of another Australian Credit Licensee. Mortgage brokers can make recommendations about home loan products that may suit your objectives, financial situation and needs.
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