Offset account versus redraw: What’s the difference?

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At first glance, a redraw facility and an offset account look similar. You put extra cash in them and then pay less interest. If you need the cash, you pull it out. But there are differences.

What is a redraw facility?

If you make extra repayments into your mortgage, a redraw facility allows you to take that money out again later when you need it. While the money sits in your mortgage, it lowers the amount of your principal and reduces the interest you pay.

What is an offset account?

You can save money in an offset account, which is like a bank account attached to your home loan. This money reduces the interest you pay while it's in the account, so you pay more off the principal and repay the mortgage faster, but the money is easy to access whenever you need it.

Is redraw better than an offset account?

Both features give you the ability to pay less interest on your mortgage. However, an offset account gives you much more control over your money because it's functionally like a bank account. Lenders often impose restrictions or fees on your redraw. They can't do that with an offset.

Here's a deeper look into how they compare:

How a redraw facility works

• Your minimum monthly loan repayments are $3,000.
• However, you pay $3,200 each month for 6 months, which equals $1,200 in extra repayments.
• A redraw facility allows you to access that extra $1,200 if you need to.

What are the risks of redraw?

Many redraw facilities will come with additional fees for withdrawing and depositing money. There may also be restrictions on how much and how often you can redraw in any given period.

When you place your money into redraw, it's also technically now the bank's money. They have terms and conditions attached to your loan, and those T&Cs could restrict how much access you have to your funds – for instance, if you default on your loan (miss a payment), the bank could restrict access to your redraw until you're back on top of your repayments.

Does money in redraw reduce repayments?

No, placing money in redraw or offset will not reduce your monthly repayments. Instead, both a redraw facility and an offset account allow you to use your savings to reduce the interest you pay on your loan. This may allow you to pay off your home loan sooner, because you're paying less interest and more principal each month.

Find home loans with no minimum redraw

Finder survey: How many Australians understand how offset accounts work?

How an offset account works

• You owe $600,000 on your home loan.
• You save $20,000 in your offset account.
• Your lender only charges interest on $580,000.

If you need to spend that $20,000, then you're back to $600,000 and you'll pay more interest again.

Use our offset calculator and try it for yourself.

Offset account vs redraw facility: Which one is better?

Both an offset and redraw will save you a similar amount of interest, so there are other things to be aware of when choosing which to use.

An offset account gives you greater flexibility and control over your cash while offering the same benefits as a redraw. For instance, if you have $10,000 and you're trying to decide whether to make an extra repayment with the potential to redraw later, or to place that $10,000 in an offset account, both options will save you the same amount of interest on your home loan.

The main thing to consider is what you really want from your home loan.

Paying less interest.

The winner: Both.

Both a redraw facility and an offset account will save you around the same amount of interest.

For flexibility and control.

The winner: Offset account.

An offset account gives you much more control over your money. There can be more restrictions on making extra repayments and redraw. With an offset account, it's your money in a separate account so there's much more freedom.

For keeping it simple.

The winner: Redraw facility.

Redraw allows you to set and forget your extra repayments, and only pull out funds via redraw in an emergency.

For maximising investment interest deductions.

The winner: Offset account.

If you are a property investor with an interest-only loan and you have an offset account, you can doubly maximise your tax deductions.

Expert insight

"Redraw facilities will often 'quarantine' your next monthly repayment. For example if you deposit $5,000 into your loan, and next repayment is $3,000, your redraw balance will only be $2,000. This is one of the differences with offset, where you will save the interest on the $5,000 but still have access to the full $5,000. Some Loans offer free redraw while others charge a fee and have a minimum redraw amount – so it's important to check the loan conditions.."

Julian Finch

Founder and principal financial specialist, Finch Financial

What are the tax implications of using redraw or offset?

There are tax benefits for investors using an offset account. If you turned your home into an investment property and bought a new home later, your existing mortgage would become an investment mortgage. In this scenario, you would be better off having more debt in your investment loan and a smaller loan for your new property (which is now your home).

This is because interest charged on investment loans is tax-deductible but the interest on your owner-occupier loan is not. If you made extra repayments on your home loan before turning it into an investment, the loan would be smaller. You've reduced the amount of debt you can use to reduce your tax bill.

But if you'd avoided making extra repayments and instead saved the money in an offset account, you could pull it out and use it to pay off your new loan. Your investment loan debt would be bigger now, but it would be tax-deductible. The tax office won't let you do this with extra repayments even if you can redraw them.

Compare mortgages which have redraw facilities or offset accounts

• Mortgages with redraw facilities
• Mortgages with 100% offset accounts

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1 - 7 of 7

Updated regularly

Name	Finder Score	Interest Rate p.a.	Comparison Rate p.a.	Fees	Monthly Payment
loans.com.au Variable Home Loan Principal & Interest10% min. depositOwner-occupierOffset account loans.com.au Variable Home Loan Principal & Interest10% min. depositOwner-occupierOffset account Go to site Details Fees Pros & cons Product Name loans.com.au Variable Home Loan Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 6.04% Comp. Rate p.a. 6.06% Minimum Loan Amount $50,000 Maximum Loan Amount $2,000,000 Maximum Loan Term 30 years Maximum LVR 90% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility Yes Fixed Interest Option Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $230 Ongoing Fees $0 p.a. Settlement Fee $300 Discharge Fee $300 Pros A competitive variable rate home loan Optional offset account No application fee You can apply online Cons Offset account comes with 0.10% rate	Finder score 8.5 Great	Interest Rate 6.04%	Comparison Rate 6.06%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $905	Go to site Compare
Macquarie Bank Offset Home Loan Package Principal & Interest20% min. depositInvestmentOffset account Macquarie Bank Offset Home Loan Package Principal & Interest20% min. depositInvestmentOffset account Go to site Details Fees Pros & cons Product Name Macquarie Bank Offset Home Loan Package Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 6.45% Comp. Rate p.a. 6.70% Minimum Loan Amount $150,000 Maximum Loan Amount $10,000,000 Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility Yes Fixed Interest Option Yes Loan Portable No Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $248 p.a. Settlement Fee $350 Discharge Fee $400 Pros 100% offset account Interest only options Cons Annual fee of $248	Finder score 8.6 Great	Interest Rate 6.45%	Comparison Rate 6.70%	Fees Application: $0 Ongoing: $248 p.a.	Monthly Payment $945	Go to site Compare
Unloan Variable Home Loan Principal & Interest20% min. depositInvestmentRefinance Only Unloan Variable Home Loan Principal & Interest20% min. depositInvestmentRefinance Only Go to site Details Fees Pros & cons Product Name Unloan Variable Home Loan Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 6.29% Comp. Rate p.a. 6.20% Minimum Loan Amount $10,000 Maximum Loan Amount $10,000,000 Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account No Split Loan Facility No Fixed Interest Option No Loan Portable No Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $0 Pros A competitive variable rate home loan Automatic interest rate discount No lender fees Cons No offset account You can’t borrow more than 80% of the property value, even with a first home buyer scheme Unloan doesn’t offer fixed rates or interest only loans	Finder score 8.9 Great	Interest Rate 6.29%	Comparison Rate 6.20%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $929	Go to site Compare
Unloan Variable Home Loan Principal & Interest20% min. depositOwner-occupierRefinance Only Unloan Variable Home Loan Principal & Interest20% min. depositOwner-occupierRefinance Only Go to site Details Fees Pros & cons Product Name Unloan Variable Home Loan Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 5.99% Comp. Rate p.a. 5.90% Minimum Loan Amount $10,000 Maximum Loan Amount $10,000,000 Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account No Split Loan Facility No Fixed Interest Option No Loan Portable No Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $0 Pros A competitive variable rate home loan Automatic interest rate discount No lender fees Cons No offset account You can’t borrow more than 80% of the property value, even with a first home buyer scheme Unloan doesn’t offer fixed rates or interest only loans	Finder score 9.1 Excellent	Interest Rate 5.99%	Comparison Rate 5.90%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $900	Go to site Compare
Macquarie Bank Offset Home Loan Package Principal & Interest20% min. depositOwner-occupierOffset account Macquarie Bank Offset Home Loan Package Principal & Interest20% min. depositOwner-occupierOffset account Go to site Details Fees Pros & cons Product Name Macquarie Bank Offset Home Loan Package Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 6.19% Comp. Rate p.a. 6.44% Minimum Loan Amount $150,000 Maximum Loan Amount $10,000,000 Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility Yes Fixed Interest Option Yes Loan Portable No Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $248 p.a. Settlement Fee $350 Discharge Fee $400 Pros 100% offset account Interest only options Cons Annual fee of $248	Finder score 8.7 Great	Interest Rate 6.19%	Comparison Rate 6.44%	Fees Application: $0 Ongoing: $248 p.a.	Monthly Payment $919	Go to site Compare
Macquarie Bank Basic Home Loan Principal & Interest20% min. depositOwner-occupier Macquarie Bank Basic Home Loan Principal & Interest20% min. depositOwner-occupier Go to site Details Fees Pros & cons Product Name Macquarie Bank Basic Home Loan Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 6.19% Comp. Rate p.a. 6.21% Minimum Loan Amount $150,000 Maximum Loan Amount $10,000,000 Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account No Split Loan Facility Yes Fixed Interest Option No Loan Portable No Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee at cost above $300 Ongoing Fees $0 p.a. Settlement Fee $350 Discharge Fee $400 Pros $0 application and ongoing fees. Interest only options available. Fee free redraws of extra repayments made. Cons No offset account available. $400 discharge fee when you close your home loan.	Finder score 8.3 Great	Interest Rate 6.19%	Comparison Rate 6.21%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $919	Go to site Compare
Greater Bank Great Rate Discount Variable Home Loan Principal & Interest-10% min. depositOwner-occupierNSW, QLD & ACT only Greater Bank Great Rate Discount Variable Home Loan Principal & Interest-10% min. depositOwner-occupierNSW, QLD & ACT only Go to site Details Fees Pros & cons Product Name Greater Bank Great Rate Discount Variable Home Loan Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 5.99% Comp. Rate p.a. 6% Minimum Loan Amount $150,000 Maximum Loan Amount N/A Maximum Loan Term Maximum LVR 110% Loan Redraw Facility Yes Offset Account No Split Loan Facility Yes Fixed Interest Option No Loan Portable No Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $180 Discharge Fee $300 Pros $0 application fee LVR of up to 110% with guarantor Cons Requires a family guarantee Not suitable for all borrowers	Finder score 8.7 Great	Interest Rate 5.99%	Comparison Rate 6%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $900	Go to site Compare	Up to $2,500 cashback Eligible refinancers can get up to $2,500 cashback depending on loan value. Full terms and conditions apply.

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1 - 10 of 24

Updated regularly

Name	Finder Score	Interest Rate p.a.	Comparison Rate p.a.	Fees	Monthly Payment
Macquarie Bank Offset Home Loan Package Fixed Loan Principal & Interest 3Y Fixed30% min. depositOwner-occupierOffset account Macquarie Bank Offset Home Loan Package Fixed Loan Principal & Interest 3Y Fixed30% min. depositOwner-occupierOffset account Go to site Details Fees Pros & cons Product Name Macquarie Bank Offset Home Loan Package Fixed Loan Interest Rate Type fixed rate Repayment Type Principal & Interest Interest Rate p.a. 5.69% Comp. Rate p.a. 6.26% Minimum Loan Amount $150,000 Maximum Loan Amount $10,000,000 Maximum Loan Term 30 years Maximum LVR 70% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility Yes Fixed Interest Option Yes Loan Portable No Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $248 p.a. Settlement Fee $350 Discharge Fee $400 Pros Cons	Finder score 8.9 Great	Interest Rate 5.69%	Comparison Rate 6.26%	Fees Application: $0 Ongoing: $248 p.a.	Monthly Payment $871	Go to site Compare
loans.com.au Solar Home Loan Principal & Interest10% min. depositOwner-occupierOffset account loans.com.au Solar Home Loan Principal & Interest10% min. depositOwner-occupierOffset account Go to site Details Fees Pros & cons Product Name loans.com.au Solar Home Loan Interest Rate Type Variable rate Repayment Type Principal & Interest Interest Rate p.a. 5.99% Comp. Rate p.a. 6.51% Minimum Loan Amount $50,000 Maximum Loan Amount $1,500,000 Maximum Loan Term 30 years Maximum LVR 90% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility Yes Fixed Interest Option Loan Portable Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $230 Ongoing Fees $0 p.a. Settlement Fee $300 Discharge Fee $300 Pros Borrowers can use as low as a 10% deposit Available for both owner-occupiers and investors No application or ongoing fees Extra repayments available Option for redraw and split accounts Cons Minimum loan term of 15 years Late payment fee of $150 Have to pay an extra 0.10% p.a. if you want to add an offset account	Finder score 9 Excellent	Interest Rate 5.99%	Comparison Rate 6.51%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $900	Go to site Compare
ANZ Plus Home Loan Variable Rate Principal & Interest20% min. depositOwner-occupierOffset account ANZ Plus Home Loan Variable Rate Principal & Interest20% min. depositOwner-occupierOffset account Go to site Details Fees Pros & cons Product Name ANZ Plus Home Loan Variable Rate Interest Rate Type Variable Repayment Type Principal & Interest Interest Rate p.a. 6.09% Comp. Rate p.a. 6.10% Minimum Loan Amount $10,000 Maximum Loan Amount $2,000,000 Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility No Fixed Interest Option No Loan Portable No Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $350 Pros Competitive rates 100% offset account Low fees Cons No low deposit option	Finder score 8.9 Great	Interest Rate 6.09%	Comparison Rate 6.10%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $909	Go to site Compare	$2,000 cashback Borrowers refinancing $250k or more to ANZ Plus before 31st March 2025 could get a cashback of $2,000. Excl. refinancers from ANZ or Suncorp. Other terms and conditions apply.
Macquarie Bank Offset Home Loan Package Principal & Interest30% min. depositOwner-occupierOffset account Macquarie Bank Offset Home Loan Package Principal & Interest30% min. depositOwner-occupierOffset account Go to site Details Fees Pros & cons Product Name Macquarie Bank Offset Home Loan Package Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 6.14% Comp. Rate p.a. 6.39% Minimum Loan Amount $150,000 Maximum Loan Amount $10,000,000 Maximum Loan Term 30 years Maximum LVR 70% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility Yes Fixed Interest Option Yes Loan Portable No Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee at cost above $300 Ongoing Fees $248 p.a. Settlement Fee $350 Discharge Fee $400 Pros 100% offset account Interest only options Cons Annual fee of $248	Finder score 8.8 Great	Interest Rate 6.14%	Comparison Rate 6.39%	Fees Application: $0 Ongoing: $248 p.a.	Monthly Payment $914	Go to site Compare
Bendigo Bank Live in Express Fixed Home Loan Principal & Interest 2Y Fixed10% min. depositOwner-occupierOffset account Bendigo Bank Live in Express Fixed Home Loan Principal & Interest 2Y Fixed10% min. depositOwner-occupierOffset account Go to site Details Fees Pros & cons Product Name Bendigo Bank Live in Express Fixed Home Loan Interest Rate Type Repayment Type Principal & Interest Interest Rate p.a. 5.54% Comp. Rate p.a. 6.11% Minimum Loan Amount $5,000 Maximum Loan Amount $3,000,000 Maximum Loan Term 30 years Maximum LVR 90% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility Yes Fixed Interest Option Yes Loan Portable No Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $134.20 to $440, depending on valuation type & property value Ongoing Fees $10 monthly ($120 p.a.) Settlement Fee Discharge Fee $350 Pros Cons	Finder score 8.6 Great	Interest Rate 5.54%	Comparison Rate 6.11%	Fees Application: $0 Ongoing: $10 per month	Monthly Payment $857	Go to site Compare	Apply online in minutes to fix your rate for 2 years and pay no application fee, plus get access to a full offset account.
Newcastle Permanent Real Deal Home Loan Principal & Interest20% min. depositOwner-occupierOffset account Newcastle Permanent Real Deal Home Loan Principal & Interest20% min. depositOwner-occupierOffset account Details Fees Pros & cons Product Name Newcastle Permanent Real Deal Home Loan Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 5.99% Comp. Rate p.a. 6.03% Minimum Loan Amount $150,000 Maximum Loan Amount N/A Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility Yes Fixed Interest Option Yes Loan Portable Yes Extra Repayments Yes Application Fee $595 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $0 Pros There are no ongoing fees. This loan comes with a redraw facility for extra repayments. You can split your home loan into multiple loan account. Cons A high application fee of $595. There is no offset account attached to this loan. Much higher interest rates for borrowers with LVRs of above 80%.	Finder score 8.9 Great	Interest Rate 5.99%	Comparison Rate 6.03%	Fees Application: $595 Ongoing: $0 p.a.	Monthly Payment $900	ContinueMore Info Compare	$3,000 cashback offer Eligible purchasers and refinancers can get $2,000 or $3,000 depending on loan value, as long as LVR is 80% or lower. Terms and conditions apply.
Macquarie Bank Offset Home Loan Package Principal & Interest40% min. depositOwner-occupierOffset account Macquarie Bank Offset Home Loan Package Principal & Interest40% min. depositOwner-occupierOffset account Go to site Details Fees Pros & cons Product Name Macquarie Bank Offset Home Loan Package Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 6.14% Comp. Rate p.a. 6.39% Minimum Loan Amount $150,000 Maximum Loan Amount $10,000,000 Maximum Loan Term 30 years Maximum LVR 60% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility Yes Fixed Interest Option Yes Loan Portable No Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $248 p.a. Settlement Fee $350 Discharge Fee $400 Pros 100% offset account Interest only options Cons Annual fee of $248	Finder score 8.8 Great	Interest Rate 6.14%	Comparison Rate 6.39%	Fees Application: $0 Ongoing: $248 p.a.	Monthly Payment $914	Go to site Compare
Tiimely Home Own Variable Rate Home Loan Principal & Interest10% min. depositOwner-occupier Tiimely Home Own Variable Rate Home Loan Principal & Interest10% min. depositOwner-occupier Go to site Details Fees Pros & cons Product Name Tiimely Home Own Variable Rate Home Loan Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 5.99% Comp. Rate p.a. 6% Minimum Loan Amount $50,000 Maximum Loan Amount $3,000,000 Maximum Loan Term 30 years Maximum LVR 90% Loan Redraw Facility Yes Offset Account No Split Loan Facility No Fixed Interest Option No Loan Portable No Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $325 Pros No application, valuation or legal fees Speedy online approval process Cons Optional offset accounts come with a $10 monthly fee A $325 discharge fee applies	Finder score 8.6 Great	Interest Rate 5.99%	Comparison Rate 6%	Fees Application: $0 Ongoing: $0 p.a.	Monthly Payment $900	Go to site Compare
Newcastle Permanent Real Deal Home Loan Principal & Interest20% min. depositInvestmentOffset account Newcastle Permanent Real Deal Home Loan Principal & Interest20% min. depositInvestmentOffset account Details Fees Pros & cons Product Name Newcastle Permanent Real Deal Home Loan Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 6.19% Comp. Rate p.a. 6.23% Minimum Loan Amount $150,000 Maximum Loan Amount N/A Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility Yes Fixed Interest Option Yes Loan Portable Yes Extra Repayments Yes Application Fee $595 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $0 p.a. Settlement Fee $0 Discharge Fee $0 Pros There are no ongoing fees. This loan comes with a redraw facility for extra repayments. You can split your home loan into multiple loan account. Cons A high application fee of $595. There is no offset account attached to this loan. Much higher interest rates for borrowers with LVRs of above 80%.	Finder score 8.9 Great	Interest Rate 6.19%	Comparison Rate 6.23%	Fees Application: $595 Ongoing: $0 p.a.	Monthly Payment $919	ContinueMore Info Compare	$3,000 cashback offer Eligible purchasers and refinancers can get $2,000 or $3,000 depending on loan value, as long as LVR is 80% or lower. Terms and conditions apply.
Macquarie Bank Offset Home Loan Package Principal & Interest20% min. depositInvestmentOffset account Macquarie Bank Offset Home Loan Package Principal & Interest20% min. depositInvestmentOffset account Go to site Details Fees Pros & cons Product Name Macquarie Bank Offset Home Loan Package Interest Rate Type variable rate Repayment Type Principal & Interest Interest Rate p.a. 6.45% Comp. Rate p.a. 6.70% Minimum Loan Amount $150,000 Maximum Loan Amount $10,000,000 Maximum Loan Term 30 years Maximum LVR 80% Loan Redraw Facility Yes Offset Account Yes Split Loan Facility Yes Fixed Interest Option Yes Loan Portable No Extra Repayments Yes Application Fee $0 Lender's Legal Fee $0 Valuation Fee $0 Ongoing Fees $248 p.a. Settlement Fee $350 Discharge Fee $400 Pros 100% offset account Interest only options Cons Annual fee of $248	Finder score 8.6 Great	Interest Rate 6.45%	Comparison Rate 6.70%	Fees Application: $0 Ongoing: $248 p.a.	Monthly Payment $945	Go to site Compare

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What is Finder Score?

The Finder Score crunches 7,000 home loans across 120+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.

To provide a Score, we compare like-for-like loans. So if you're comparing the best home loans for cashback, you can see how each home loan stacks up against other home loans with the same borrower type, rate type and repayment type. We also take into consideration the amount of cashback offered when calculating the Score so you can tell if it's really worth it.

Read the full Finder Score breakdown

To make sure you get accurate and helpful information, this guide has been edited by Rebecca Pike as part of our fact-checking process.

Written by

Richard Whitten

Editor

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification. See full bio

Richard's expertise

Richard has written 553 Finder guides across topics including:

• Home loans
• Property
• Personal finance
• Money-saving tips