Last updated 6:00am, 30th Sep 2020
Offset home loans are a popular term people often ask about, usually because someone they know has suggested it. It is important to understand that in some circumstances, an offset loan might not be the best option, as they often attract a higher interest rate or ongoing fees.
In which circumstances are Offset home loans is a good option. Investors who have additional funds they do not wanted to deposit directly onto the loan account. Customers who have substantial savings and either for budgeting, savings or other reasons do not want to deposit the money directly onto the home loan.
For everyone else, I would compare the cheapest offset home loan with a basic variable rate home loan. Consider the difference
in cost between the two loans before making a decision.
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The comparison rate is based on a loan amount of $150,000 over a 25 year term. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Terms, conditions, fees and charges apply and your full financial situation would need to be reviewed prior to acceptance of any offer or product.