Home loan offset calculator

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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.

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Frequently asked questions

What’s a 100% offset account?

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.

Understanding our offset account

How can I make the most of my offset?

Balance your savings and spending while paying off your home loan with a 100% offset account. Savings on your loan interest by using an offset account can depend on a few things, including your loan amount, interest rate and how you use your offset account.

There are two ways you can save:

Every dollar in your offset counts towards reducing your daily home loan interest, giving you immediate savings. When interest rates on savings and term deposit accounts are lower than your home loan interest rate, the interest saved would be higher than the interest you'd earn.
Because you're paying less interest, the amount of interest accrued on your interest (compounding interest) is also reduced. If you make the same monthly repayment, you could pay your loan balance off sooner.

Is it worth setting up an offset account?

The short answer is it depends. Things like how you'll use your account, your redraw, interest rate and the loan amount will all play a part.

Benefits of offset accounts:

You can set up one or more offset accounts, with the balances of each account working to reduce the monthly interest payable on your home loan
Every dollar in your offset account works for you, e.g. your salary, spare funds and day-to-day living allowance. Your offset account's balance reduces the balance used to calculate the interest on your home loan. So the more money you have in your offset account, the smaller the loan balance used in the interest calculations
One-time setup. There's no need to transfer extra repayments into your home loan to reduce your home loan interest
Keep track of complex day-to-day finances
Flexibility with easy, quick access to your money
Safety net, with funds readily available for a rainy day, without the need to redraw
Investor-friendly as there's the option to use your offset account solely for your personal transactions, preventing mix-ups with your investment home loan expenses.

Things to consider:

Home loans with an offset may have higher rates and fees
Large sums in a transaction offset account could be a spending temptation due to their ease of access
You won't earn any interest on your offset account
All our variable rate home loans let you make unlimited extra repayments and redraws, with no redraw fee¹. So comparing our Standard Variable home loan with offset to our Basic Home Loan, which has our lowest variable rate home loan and comes with lower fees, might be worthwhile.

How do I set up an offset account?

Choose a scenario that best describes your situation:

Applying for a new home loan

When you apply for a home loan, you can link an offset account to an eligible loan.

Updating your existing home loan

If you're an existing home loan customer and want to link an offset account to your loan, speak to one of our home loan experts on 1300 304 660 (8am-8pm Mon-Fri and 9am-6pm Sat).

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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 2MB) 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.