Jokuda

Offset Account Calculator

Calculate interest savings and loan payoff benefits of using an offset account

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Loan & Offset Details

Home Loan Details

Offset Account

Cash Flow

Additional Savings

Daily Interest Saved

$0.00

Annual Interest Saved

$0.00

Time Saved

0.0 years

Loan Comparison

Without Offset Account

Monthly Payment$0.00
Total Interest$0.00
Payoff Time0.0 years

With Offset Account

Monthly Payment$0.00
Total Interest$0.00
Payoff Time0.0 years

Total Interest Saved

$0.00

Time Saved

0.0 years

Effective Interest Rate

0.00%

Maximizing Your Offset Account Benefits

Income Strategies:
  • • Direct deposit your salary into the offset account
  • • Keep bonus payments and tax refunds in the offset
  • • Use the offset for temporary savings goals
Expense Management:
  • • Pay major bills just before due dates
  • • Use a credit card for daily expenses (pay off monthly)
  • • Keep emergency funds in the offset account

How Offset Accounts Work in Australia

• 100% Offset: Most Australian banks offer 100% offset - every dollar reduces loan interest

• Daily Calculation: Interest is calculated daily, so money in your offset saves interest immediately

• No Tax: Unlike savings accounts, offset accounts don't earn taxable interest

• Access: Full access to your money with debit cards and online banking

• Fees: Some offset accounts have monthly fees - ensure savings exceed costs

• Multiple Accounts: Some lenders allow multiple offset accounts linked to one loan

Important Notes:

  • • Calculations are estimates based on current balance and cash flow assumptions
  • • Actual savings depend on account fees, interest rate changes, and spending patterns
  • • Consider offset account fees when evaluating total benefits
  • • Consult your lender for specific offset account terms and conditions

Ready to Set Up an Offset Account?

Start saving on interest today with an offset account linked to your home loan