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Calculate if you could save using an offset account

Use our offset calculator to discover how you could save on your home loan interest and term

Reduce the interest you'll pay

Linking an interest offset account with your Standard Variable Rate home loan means any money in your day-to-day transaction account counts towards 'offsetting' your home loan interest. You can put money in and take money out at any time.

Pay off your loan faster

Money in your offset account reduces your home loan interest. Therefore, more of your regular monthly repayment pays the balance rather than the interest component of the loan. As you’re reducing the interest amount you pay, you could pay off your loan faster. 

Why choose our variable home loan with offset

Home loan package benefits

With our Advantage Package#, you'll receive home loan rate discounts and pay no monthly loan fees or annual fees on an eligible credit card ($395 annual package fee applies#).

Access multiple offsets

Setting up and linking one or more Complete Freedom offset accounts to your home loan means the balance in each account reduces the monthly interest payable on your loan.

Save with 100% offset 

Full interest offset means every dollar saved in your offset account reduces the interest you'll pay on your linked home loan, potentially reducing your loan term.

Features that work for you

Make unlimited extra repayments and redraw1 anytime, use portability to save when buying and selling, or hedge your bets and split your loan across variable and fixed rates.

It's easy to get started


Save time, apply online 

Apply online for a home loan, conditional approval or to switch to us.

  • You could get approval in 1 business day
  • Dedicated lender will support you from application to settlement.


Book an appointment

A member of our team will be in touch at a time that suits you.

  • They’ll answer your questions and guide you through your next steps.
  • A lender can start your application for you.


Frequently asked questions

It’s an everyday transaction account linked to your variable home loan that lets you reduce the interest payable on your home loan. 

Every dollar, 100% of the balance in your transaction offset account, is ‘offset’ against the amount owed on your Standard Variable Rate home loan. As interest is calculated daily and charged monthly, only the net amount (your loan balance minus your offset balance for that day) attracts interest.

Important information

Conditions, credit criteria, fees and charges apply. Based on St.George’s credit criteria, residential lending is not available for Non-Australian resident borrowers. Interest rates subject to change. Before making a decision, it’s best to read the terms and conditions.

Loan Accounts – Charges for specific services and accounts (PDF 43KB)

This information is general in nature and has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information to your own circumstances and, if necessary, seek appropriate professional advice.

The information on our website is prepared without knowing your personal financial circumstances. Before you act on this, please consider if it’s right for you. If you need help, call 13 33 30. Tax consequences may arise from promotions for investors and customers should seek independent advice on any taxation matters.

++This is an estimate of the potential offset savings based on the information provided: your actual savings may differ depending on your situation. Changes in interest rate will affect the calculation. Our lending criteria, and basis upon which we assess what you can afford, may also change at any time without notice.

The output or result of this calculator:

  • Is subject to the assumptions, which are subject to change.  
  • Is prepared without knowing your personal financial circumstances. Before you act on the output of the calculators, please consider if it’s right for you: we recommend that you consult your financial adviser before taking out a loan. If you need more info, please call 13 33 30.
  • Doesn’t represent either a quote, pre-qualification for a loan or an offer of credit.
  • Doesn’t include all applicable fees.
  • May not be taken into account if you apply for a loan with us, as we’ll make our own calculations. When assessing ability to service a loan, St.George may use an interest rate that is higher than the current interest rate for the loan requested.

The interest rates used in the calculator:

  • Are current, as indicated on our home loan interest rate pages
  • Are St.George's standard interest rates and include any package or promotional discounts
  • Are subject to change. 

This mortgage offset calculator offers an estimate of the interest and time you could save by having money in your St.George offset account, and is based on the info you’ve entered.

Calculator assumptions

  • Interest rate. This calculator doesn’t take into account compound interest savings.
  • Interest and loan term savings. This calculator compares a home loan without an offset account, to a loan linked with an offset account. Total Interest Saved = (Total interest paid on loan without offset) - (Total interest paid on loan with offset). 
  • Extra repayments. Calculator is based on your offset account balance, and doesn’t take into account any extra mortgage repayments you might make to your home loan account.
  • Weekly, fortnightly or monthly repayments. Your initial loan will be set up as monthly. Weekly and fortnightly repayments are only available with P&I. To calculate these, we multiply your P&I monthly amount by 12 to get a yearly value, then divide either by 26 for fortnightly or 52 for weekly, and round it up.

*Comparison Rate: The comparison rate is based on a loan of $150,000 over a term of 25 years. 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.

#Advantage Package: Terms & Conditions (PDF 648KB) apply. A $395 annual package fee applies and is payable from an eligible St.George transaction account. Before deciding to acquire a St.George transaction account, read the terms & conditions, and consider if the product is right for you.

1Redraw facility: if you have 'available funds' (you’re ahead on your home loan repayments) and you’ve activated your redraw facility, you’re free to redraw them with no redraw fee. Up to $100k will be available to redraw from your variable loan online or over the phone each day (in-branch it’s $30k). For fixed loans you can redraw up to your prepayment threshold during your fixed term. Read our Home Loan Redraw Form (PDF 83KB) for full details.