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The Offset Variable Home Loan is a low rate home loan funded and underwritten by Firstmac, one of Australia's largest mortgage providers.

The Offset Variable Home Loan offers a competitive variable interest rate, no application fee, no annual fee, an offset account with free redraws and extra free features like BPAY, direct credit and debit transactions.

Interest Rate Max Insured LVR Max LVR
80% to 90% LVR (Investor P&I)
3.54% p.a.
Comparison Rate
3.56% p.a.
90% 80%
80% to 90% LVR (Owner Occupier, P&I)
2.87% p.a.
Comparison Rate
2.89% p.a.
90% 80%
Up to 80% LVR (Investor IO)
3.67% p.a.
Comparison Rate
3.69% p.a.
80% 80%
Up to 80% LVR (Investor P&I)
3.32% p.a.
Comparison Rate
3.34% p.a.
80% 80%
Up to 80% LVR (Owner Occupier IO)
3.37% p.a.
Comparison Rate
3.39% p.a.
80% 80%
Up to 80% LVR (Owner Occupier, P&I)
2.87% p.a.
Comparison Rate
2.89% p.a.
80% 80%
Product Offset Variable
Interest Rate TypeVariable
Comp Rate^ (p.a.)
Minimum Loan Amount$50,000
Maximum Loan Amount$2,000,000
Minimum Loan Term15 years
Maximum Loan Term30 years
Maximum LVR80%
Maximum Insured LVR90%
Mortgage Offset AccountYes
Mortgage 100% OffsetYes
Loan Redraw FacilityYes
Split Loan FacilityYes
Loan PortableYes
Extra RepaymentYes
Available as equity loan/line of creditNo
Repayment TypePrincipal & Interest and Interest Only Options

Application Fee$0
Lender's Legal Fee$0
Valuation Fee220 or at cost
Ongoing Fees$0 p.a.
Settlement Fee$300
Discharge Fee$300


  • There is $0 application or ongoing monthly fees.
  • You can make extra payments without penalties and access extra funds from the mortgage via the free redraw facility, with no minimum redraw amount
  • A 100% offset account is linked to your home loan


  • There is a $220 or at cost valuation fee
  • There is a $300 settlement fee
  • There's no branch access with this loan as the lender is online only

Things to consider about the Offset Variable Home Loan

This home loan can be used to buy residential property as a home or investment, or to refinance an existing home loan. Note that using this home loan to finance an investment comes with a higher interest rate.

Features of the Offset Variable Home Loan

  • 100% offset account. A 100% offset account enables you to pay off your loan sooner by reducing the amount on which interest is calculated. An offset account is a regular transaction account that has a VISA Debit card with ATM access, cheque book access and internet access. You can also redraw from this account if you need extra funds.
  • Loan term. This loan’s minimum term is 15 and the maximum term is 30 years.
  • Loan to value ratio (LVR). The maximum loan to value ratio (LVR) for this loan is 90%. Borrowing more than 80% will require you to pay lenders mortgage insurance (LMI).
  • Repayment options. Repayments can be made weekly, fortnightly or monthly with the Offset Variable Home Loan. Interest-only repayments are available for up to five years.
  • Redraw facility. This loan has a free redraw facility with no minimum redraw amount. This means you can get access to any additional repayments you've made 24/7, either online or over the phone.
  • Loan amount. The minimum loan amount is $50,000 and the maximum loan amount is $2,000,000 if you’re only using one asset to secure the loan (your property).
  • Accessibility. You can access your account online or by phone at any time. You can manage your money from an online interface which includes your loan transactions, loan statements, redraws and bill payments. You also get a VISA debit card that is connected to your offset account and has the additional security of Verified by VISA protection.
  • Split your loan. You can split your loan up to five times without incurring any additional charges. Splitting your loan gives you the ability to hedge your bets against upward rate movements, while also leaving room to take advantage of a reduction in lending rates.

What fees and charges come with this loan?

The Offset Variable has no application, annual or monthly fees to worry about. Below are the fees you will have to pay with this loan:

  • Settlement fee: $300.
  • Valuation fee: 220 or at cost or at cost. This covers's third party costs. will have to have the value of your property appraised before they can use the property as a security to lend against. This fee typically increases when your property value is above $1 million.
  • Discharge fee: $300. This fee covers the administrative costs of preparing your loan discharge documents. Although say that there is no exit fee with this loan, when you pay out loan it will still be considered a discharge and the relevant fee will apply. Discharge fees are waived if the loan goes to full term.

How to apply for this home loan

If you think the Offset Variable Home Loan is for you, then click 'Enquire' or 'Go to Site' and you will be safely redirected to the homepage. Once you’ve been redirected you will see a pink button that will allow you to enter your basic information. will then you give you an obligation-free follow up call. Scroll down to view the application process so you know what to expect.

The below diagram is courtesy of and represents the loan application process after you contact them. application process

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83 Responses

  1. Default Gravatar
    verchianiJanuary 31, 2019

    If I take out this loan at the current low rate of p&i in the eventuality that the home loan rate increases will this loan increase as well? If the loan rate increases by say 0.25% at the end of year one, is the adjusted monthly payment calculated on the net amount outstanding after paying P for the year? How does it work?

    • Avatarfinder Customer Care
      JeniFebruary 2, 2019Staff

      Hi Verchiani,

      Thank you for getting in touch with finder.

      The rate will be calculated on the outstanding balance. If you consider getting a home loan with, I suggest that you contact them directly to answer your query more accurately. They will be asking you some info such as purchasing or refinancing a property, live in or investment etc. You may also chat with their online representative after clicking on the green go to site button to further discuss this with them in details or arrange an appointment to be booked with one of their Lending Managers.

      I hope this helps.

      Thank you and have a wonderful day!


  2. Default Gravatar
    PaulNovember 11, 2017

    Want to buy a hot property now

    • Default Gravatar
      ArnoldNovember 12, 2017

      Hi Paul,

      Thanks for your inquiry

      Will this be your first home? To find out if you’re eligible for the FHOG Scheme, please click here.

      After that you may now look for home loan options from different banks and companies by clicking here.

      Hope this information helps


  3. Default Gravatar
    MamunSeptember 30, 2017

    Buying a investment property in Brisbane. Need help asap.
    I’ve already sale of contract and all docs ready.

    • Default Gravatar
      ArnoldOctober 2, 2017

      Hi Mamun,

      Thanks for your inquiry

      For help and advice, It may be best to reach out to a mortgage broker to discuss the options available for your specific situation.

      Hope this information helps


  4. Default Gravatar
    JAMay 9, 2017

    What is “settlement fee” and “discharge fee” (is it “closure fee”?)/
    Do you have something that other lenders call “legal fee”?

    • Avatarfinder Customer Care
      DeeMay 11, 2017Staff

      Hi JA,

      Thanks for your question.

      Also called ‘termination’ fee, settlement fee is charged when you pay out your mortgage in full. This may also apply to the costs to payout your loan and to switch the funds to your new mortgage. As with, the settlement fee of $300.00 is deducted from the loan proceeds at settlement.

      Once your mortgage is paid in full, you will be required to pay discharge fees that cover the finalisation of the mortgage process and the paperwork involved in the change of title. This fee covers the administrative costs of preparing your loan discharge documents. Although say that there is no exit fee with this loan, when you pay out loan it will still be considered a discharge and the relevant fee will apply. Offset Variable Home Loan does not charge Lender’s Legal Fee.


    • Default Gravatar
      JAMay 9, 2017

      To clarify – I am looking to refinance – I presume I do not pay settlement fee? Are the only fees in my case “discharge fee”, payable whenever I either pay off the loan or take it to another bank, and “valuation fee”?

    • Default Gravatar
      LiezlMay 12, 2017

      Hi JA,

      Thanks for your question.

      If you intend to refinance, you might still pay settlement fee which is the costs to payout your previous lender and to switch the funds to your new mortgage. Although, sometimes this cost is absorbed by the lender and waived for customers.

      You may want to read our guide on refinancing costs to give you an idea on what other fees you may incur when refinancing your loan.

      I hope this has helped.


  5. Default Gravatar
    EugeneFebruary 4, 2017

    You mentioned 15 years minimum term for repayment. If I pay earlier, is there any other hidden costs other than $300 exit fee?


    • Avatarfinder Customer Care
      DeeFebruary 7, 2017Staff

      Hi Eugene,

      Thanks for your question.

      On the lender’s website, they only feature the $300 settlement fee. You may directly contact to verify if there are other fees involved when repaying your mortgage early.


  6. Default Gravatar
    FirsthomeMarch 5, 2015

    1. The offset account, is it just any standard savings account from any bank?

    2. I am buying a house with my de facto, my portion is only 200000, the rest of the payment will be paid in full, cash basis. Therefore, both our names will be on the title. Does my de factor have to be my guarantor? Or will a guarantor be needed at all?

    3. If I do decided to go to another lender at the end of say, 2 years. What will the discharge/exit fee be?

    Thank you

    • Avatarfinder Customer Care
      ShirleyMarch 5, 2015Staff

      Hi Firsthome,

      Thanks for your question.

      1. The offset account is provided by It will act like a regular transaction with a linked Visa debit card.

      2. A guarantor is generally required when you don’t have a deposit for a home loan. From the information you’ve provided you may not need a guarantor.

      3. There is an Early Termination Fee of $300 applicable. Be mindful that other fees may apply.

      Hope this helps,

  7. Default Gravatar
    JacintaFebruary 8, 2015

    I have a 6 properties which are a group of units owned by me and brothers although they are all rented out. The loan we have currently is guaranteed by my father. Even though we have equity in them, would your bank be able to use the same guarantor to vary your LVR rates to avoid mortgage insurance?

    • Avatarfinder Customer Care
      ShirleyFebruary 9, 2015Staff

      Hi Jacinta,

      Thanks for your question.

      Unfortunately don’t offer any guarantor options at the present time. You can compare other loans with guarantor options on this page.


  8. Default Gravatar
    leeFebruary 5, 2015

    Assuming all documents submitted are in order, how long does a loan application take for approval and release of funds borrowed?

    • Avatarfinder Customer Care
      ShirleyFebruary 5, 2015Staff

      Hi Lee,

      Thanks for your question.

      For the purchase application its 4 to 6 weeks and if it is refinancing it is 3 to 4 weeks.


  9. Default Gravatar
    LisaFebruary 1, 2015

    I am awaiting property settlement – I am separating from my husband. I have been told that will lend up to 80% LVR. Given my circumstances – am I able to borrow the full amount (I intend to borrow from 240 000 to 320 000) on the proviso that I am going to get at least $200 000 from property settlement to use as deposit or is there another procedure I need to follow – such as a bridging loan?
    once I complete and submit the loan application am I liable for any fees if I don’t proceed with the application?

    • Avatarfinder Customer Care
      ShirleyFebruary 2, 2015Staff

      Hi Lisa,

      Thanks for your question. can lend up to 90% LVR of the property. Once you decide to apply with they will charge a settlement fee of $300 and in addition a valuation fee. The valuation fee for a standard property in a metropolitan area in a major city starts at $220.00 for properties valued up to $1,000,000.

      The valuation fee is not refundable and is payable when the valuation is ordered. The remaining $300 settlement fee is deducted from the loan proceeds at settlement.

      The valuation fee is required from you is we do the valuation of your property and the settlement fee will be paid by you if are on the settlement stage of your loan.


    • Default Gravatar
      LisaFebruary 2, 2015

      Thanks Shirley,
      Am I able to get a bridging loan for the 10% deposit until I get my settlement?

      If so what would be the interest rate for the bridging loan, minimum loan period and how do I apply?



    • Avatarfinder Customer Care
      ShirleyFebruary 3, 2015Staff

      Hi Lisa,

      At the moment does not offer a bridging loan, however, if you’re interested in the Dream home loan they may be able to provide you with another option.


  10. Default Gravatar
    NolaJanuary 27, 2015

    We currently have several properties at interest only. Do you lend to existing loans.
    And how long is the interest rate at this low rate for? Is it increasing/decreasing along with the Reserve Bank?

    • Avatarfinder Customer Care
      MarcJanuary 27, 2015Staff

      Hi Nola,
      thanks for the question. do offer their loans to those refinancing, and offers interest only options.

      The interest rate is a variable rate and can change at any time depending on economic factors which may or may not be in line with the Reserve Bank’s decisions each month.

      I hope this helps,
      Marc. Offset Variable

  • Interest Rate


  • Comparison Rate


  • App Fee / Annual Service Fee

    $0 / $0

  • Max LVR


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