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An offset account sounds like a magic trick — park your savings there and they attack your mortgage interest — but it only wins if that money would otherwise sit earning less than your home loan rate. This calculator shows your effective interest, the monthly saving and the years shaved off your loan. For most people with real savings buffers, it beats the bank's own savings account by a mile.
interest-savings projection
The balance offsets against your loan for interest calculations: a $400k loan with $50k offset means you pay interest on $350k — while your money stays fully accessible.
Offset is generally safer: the money is yours and cannot be blocked by the lender, unlike redraw which the bank can restrict in hardship.
Every dollar counts, but the benefit scales with your balance and your tax rate — run your real numbers through the calculator.
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