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Compare fixed rate home loans with 100% offset accounts

Lock in a fixed rate home loan and get a 100% offset account to save on interest. Here's how.

Fixed rate home loans with offset accounts let you lock in set mortgage repayments but also get the interest-saving benefits of an offset account. Offset accounts are more common on variable rate loans, and only a few lenders offer them on fixed rates too. Some of the current options are listed below.

Compare fixed rate home loans with offset accounts

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Name Interest Rate p.a. Comparison Rate p.a. Fees Monthly Payment
Principal & Interest 3Y Fixed5% min. depositOwner-occupierOffset account
Interest Rate
6.04%
Comparison Rate
6.42%
Fees
Application: $0
Ongoing: $395 p.a.
Monthly Payment
$905
Principal & Interest 3Y Fixed5% min. depositInvestmentOffset account
Interest Rate
6.04%
Comparison Rate
6.09%
Fees
Application: $500
Ongoing: $0 p.a.
Monthly Payment
$905
Principal & Interest 3Y Fixed5% min. depositOwner-occupierOffset account
Interest Rate
6.19%
Comparison Rate
6.31%
Fees
Application: $600
Ongoing: $0 p.a.
Monthly Payment
$919
Principal & Interest 2Y Fixed5% min. depositOwner-occupierOffset account
Interest Rate
6.04%
Comparison Rate
6.09%
Fees
Application: $500
Ongoing: $0 p.a.
Monthly Payment
$905
Principal & Interest 3Y Fixed10% min. depositOwner-occupierOffset account
Interest Rate
5.89%
Comparison Rate
6.14%
Fees
Application: $250
Ongoing: $0 p.a.
Monthly Payment
$890
Principal & Interest 2Y Fixed20% min. depositInvestment
Interest Rate
6.19%
Comparison Rate
6.63%
Fees
Application: $600
Ongoing: $0 p.a.
Monthly Payment
$919
Principal & Interest 1Y Fixed20% min. depositOwner-occupierOffset account
Interest Rate
6.19%
Comparison Rate
7.96%
Fees
Application: $0
Ongoing: $395 p.a.
Monthly Payment
$919
Principal & Interest 1Y Fixed10% min. depositOwner-occupierOffset account
Interest Rate
6.14%
Comparison Rate
6.12%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$914
Principal & Interest 1Y Fixed5% min. depositInvestmentOffset account
Interest Rate
6.14%
Comparison Rate
6.10%
Fees
Application: $500
Ongoing: $0 p.a.
Monthly Payment
$914
Principal & Interest 1Y Fixed20% min. depositOwner-occupierOffset account
Interest Rate
6.75%
Comparison Rate
6.50%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$974
Principal & Interest 2Y Fixed10% min. depositOwner-occupierOffset account
Interest Rate
5.99%
Comparison Rate
6.24%
Fees
Application: $345
Ongoing: $0 p.a.
Monthly Payment
$900
Points offer
Borrowers can earn 100,000 Qantas points every year, for the life of the loan when they take out a home loan with Qantas.
Principal & Interest 1Y Fixed20% min. depositInvestmentOffset account
Interest Rate
6.85%
Comparison Rate
6.74%
Fees
Application: $0
Ongoing: $248 p.a.
Monthly Payment
$984
Principal & Interest 1Y Fixed5% min. depositOwner-occupierOffset account
Interest Rate
6.14%
Comparison Rate
6.10%
Fees
Application: $500
Ongoing: $0 p.a.
Monthly Payment
$914
Principal & Interest 1Y Fixed10% min. depositOwner-occupierOffset account
Interest Rate
6.19%
Comparison Rate
6.26%
Fees
Application: $345
Ongoing: $0 p.a.
Monthly Payment
$919
Points offer
Borrowers can earn 100,000 Qantas points every year, for the life of the loan when they take out a home loan with Qantas.
Principal & Interest 1Y Fixed30% min. depositOwner-occupierOffset account
Interest Rate
6.65%
Comparison Rate
6.44%
Fees
Application: $0
Ongoing: $248 p.a.
Monthly Payment
$964
Principal & Interest 1Y Fixed20% min. depositOwner-occupierOffset account
Interest Rate
6.19%
Comparison Rate
6.36%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$919
Principal & Interest 2Y Fixed20% min. depositOwner-occupierOffset account
Interest Rate
6.39%
Comparison Rate
6.48%
Fees
Application: $0
Ongoing: $248 p.a.
Monthly Payment
$939
Principal & Interest 3Y Fixed10% min. depositOwner-occupierOffset account
Interest Rate
5.94%
Comparison Rate
6.09%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$895
Principal & Interest 1Y Fixed10% min. depositOwner-occupierOffset account
Interest Rate
6.44%
Comparison Rate
6.57%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$944
Principal & Interest 2Y Fixed10% min. depositOwner-occupierOffset account
Interest Rate
5.94%
Comparison Rate
6.09%
Fees
Application: $0
Ongoing: $0 p.a.
Monthly Payment
$895
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How do fixed rate home loans with 100% offset accounts work?

Fixed rate mortgages let you lock in a rate for a set period, usually 1 to 5 years. Some lenders also offer fixed rate terms for as long as 10 years.

A fixed rate loan with a 100% offset account lets you save money on the interest you pay. The balance of your offset account will offset your principal loan amount, and you don't pay interest on that portion of the loan. Any money you would normally pay as interest is paid towards your home loan principal instead – so you'll actually end up owning your home outright sooner.

Offset accounts are not offered on all fixed rate loans.

Donny’s offset account

Let’s compare 2 scenarios with Donny, our savvy borrower.

In the first example, Donny has a home loan with a rate of 5.0%. His loan size is $500,000 and his repayments are approximately $2,685 a month. He’ll pay a total of $966,279 over the 30 years that he has the loan, $466,279 of which is interest.

If Donny has an offset account and keeps $20,000 in it over the course of his loan, he would pay off his loan 1 year and 10 months earlier and would save $60,011 in interest. That means he'll own his home more than a year earlier, saving a full year of mortgage repayments – all because of a simple offset feature!

His repayments would still be the same, but more of each repayment would go towards the principal (the original loan amount).

Use our offset calculator to see how much you could save

Finder survey: How many Australians use an offset account?

Response
Yes62.69%
No37.31%
Source: Finder survey by Pure Profile of 1112 Australians, December 2023

How to compare these types of mortgages

  • Fixed term. Think about how long you want to be locked into the rate. Terms can range from 1 to 10 years. Choose a term you think you’ll be comfortable with, and remember that break fees are payable if you exit your loan before the term ends. If you plan to sell your property in the future, ensure that your fixed term accommodates this.
  • Fees. These types of loans may come with upfront and ongoing fees that could negate the savings you may make in the long run, so remember to take these into account.
  • Additional features. As well as an offset account, the home loan may offer you other features, such as a redraw facility, the ability to make additional repayments and discounts. Check to see if you stand to make any further savings.

Pros and cons of 100% offset accounts

Pros

  • With a fixed loan, your repayments will remain the same during the fixed interest rate period. If variable rates are increased, you won't pay more.
  • The balance you have in the offset account will be taken off your principal loan amount, actively helping to reduce the amount of interest you pay.
  • You can access and spend the money in your offset account at any time.

Cons

  • You’re unable to refinance during the fixed rate period without paying break costs, which can be expensive.
  • Offset accounts can come with account-keeping fees, so it's important to check whether the fees will be more than your potential savings.
  • You don't earn interest on an offset account like you would in a savings account. However, the interest you save on your home loan is usually at a much higher rate.

Frequently asked questions

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