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ANZ One offset account

An offset account can help you reduce the amount of interest you pay on your home loan. Find out if an ANZ One offset is right for you and which home loans are eligible.

The information on this page does not apply to ANZ Plus products

What is an offset account?disclaimer

An offset account is a transaction account linked to an eligible home or investment loan. The money you have in this account can be used to ‘offset’ the amount you owe on that loan, and you’ll only be charged interest on the difference.

An offset account is a transaction account linked to an eligible home or investment loan.

The benefit of an offset account is that the money you have in this account can be used to “offset” the amount you owe on your home loan, and you'll only be charged interest on the difference. But you can still access the money in your offset account just like you do with a standard transaction account, using a debit card or at an ATM.

This is how it works:

Your home loan balance is $350,000 dollars

And you have $25,000 dollars in your offset account

So, you'll only have to pay interest on $325,000 dollars.

Now using that example, let’s see how much you could save in the long run.

Let’s say you pay your home loan off over 30 years, the interest rate stays at 5% per annum, you make all your repayments as required and you have a constant daily balance of $25,000 dollars in your offset account.

You could potentially save $75,000 dollars in interest and pay your home loan off over 3 years ahead of schedule.

So, how much you do save, depends on things like changes in interest rates and how much you have in your offset account.

So there you have it, linking your home loan to an offset account could help you pay off your loan sooner by reducing the amount of interest you pay so more of your repayments can go to reducing the principal amount of your loan.

And because you can access the money, like a normal transaction account, it’s a great option. You can even have your salary deposited directly into your offset account to help you save as much as possible and make your money work harder for you!

For more information contact us at ANZ .

Why get an offset account?disclaimer

If you have an eligible loan such as an ANZ Standard Variable loan or a one year ANZ Fixed loan, you could consider linking an offset account to it (a fee of $10 per month applies). The more money you have in your linked offset account, the less interest you'll need to pay on your home loan.

Use this account to

  • Save on interest
  • Pay your loan off sooner
  • Access the money in your offset account just as you would with a transaction account

An example of how it works

Without an offset account

With an offset account

Estimate of total interest saved: $284,360.16

Estimate of how much earlier the loan would be repaid: 4 years 4 months

(Example based on a 30 year loan at a constant interest rate of 5% p.a. with a constant daily balance of $100,000 in your offset account and minimum repayments being made throughout).

  • ANZ Standard Variable Rate Home Loan
  • ANZ Standard Variable Rate Residential Investment Loan
  • ANZ Fixed Rate Residential Investment Loan - 1 Year Fixed
  • ANZ Fixed Rate Home Loan - 1 Year Fixed
  • ANZ Standard Variable Rate Residential Investment Land Loan
  • ANZ Standard Variable Rate Residential Land Loan
  • ANZ Standard Variable Home Loan in a Company Name
  • ANZ Standard Variable Residential Investment Loan in a Company Name
  • ANZ Fixed Home Loan in a Company Name - 1 Year Fixed
  • ANZ Fixed Residential Investment Loan in a Company Name - 1 Year Fixed

Offset vs redraw

Both offset accounts and redraw facilities can help reduce the amount of interest you pay on your loan, but they work in different ways. ANZ Redrawdisclaimeris a feature that lets you withdraw funds from extra repayments you've made on your home loan.

Learn more about the difference between redraw and offset

Connect with our home loan specialists or apply

Need to speak to a specialist?

Provide us with your details and one of our home loan specialists will get in touch. They can discuss issues including:

  • Applying for a home loan
  • Managing your existing loan
  • Refinancing your home loan
  • Interest rate enquiry

As well as any other home loan queries you may have.

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Call back time is 1-3 business days.

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Quick start application

Begin your home loan application journey by providing details about:

  • You
  • Your financial situation
  • The loan you're applying for

One of our home loan specialists will then be in touch to progress with your application.

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Call back time is 1-3 business days.

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Monday - Friday 8am to 8pm (Sydney/Melbourne time)

1800 100 641  

 

Your questions answered

An offset account is a transaction account linked to your home loan. You can make deposits or withdraw from it as you would with a regular transaction account. The big difference from a regular transaction account is that the money you have in an offset account can be used to ‘offset’ the amount you owe on the linked home loan, and you’ll only be charged interest on the difference.

Yes, it is up to you how often and how much you deposit into your account. You can make regular deposits as well as one-off deposits.

 

Yes, you can still access your funds via ANZ Internet Banking, ANZ App, ANZ Phone Banking, ANZ ATMs, Visa Debit, EFTPOS and in branch at no extra cost.


Redraw facilities and offset accounts have many similarities, but there are key differences too.

We’ve put together an article explaining how redraw facilities work. Or if you’ve already read that, we suggest reading our article that looks more closely at the differences between offset accounts and redraw facilities.

The information on this page does not take into account your personal needs and financial circumstances and you should consider whether it is appropriate for you and read the relevant terms and conditionsProduct Disclosure Statement and the ANZ Financial Services Guide (PDF) before acquiring any product. 

Applications for credit subject to approval. Terms and conditions available on application. Fees and charges apply. Australian credit licence number 234527.

The target market for these products can be found within the product’s Target Market Determination, available here.

A $10 servicing fee applies per month per ANZ One offset account. Please refer to ANZ Personal Banking Account Fees and Charges (PDF) for fees and charges that apply.

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Terms and Conditions and eligibility criteria apply to ANZ Redraw. ANZ Redraw is not available on loans in a company name. For further information on ANZ Redraw please refer to the ANZ Consumer Lending Terms and Conditions (PDF).

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ANZ Mobile Lenders operate as an independently operated ANZ Mortgage Solutions franchise of Australia and New Zealand Banking Group Limited (ANZ) ABN 11 005 357 522. Australian Credit Licence Number 234527.

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