13/10/2026
Offset accounts are meant to be one of the easiest ways to pay off your home loan sooner. Put simply, the more you keep in there, the less interest you pay.
But ASIC has found that isn't always happening. A review of Australia's biggest banks, covering more than 70% of the home loan market, found weaknesses in how offset accounts were set up and managed. Some customers were quietly paying more interest for longer, without their repayments ever changing. Banks have already paid out over $55 million in compensation for offset failures identified between September 2023 and August 2025, and that number is expected to grow.
The tricky part is you'd probably never notice. Your repayment stays the same each month, so there's nothing obvious flagging that something's wrong.
A few things worth checking on your own account:
Is your offset account definitely linked to your home loan
Does your loan statement show the offset being applied
Does the interest charged look reasonable compared to your loan and offset balances
If anything looks off, or you just want peace of mind, get in touch and we'll review your home loan to make sure your offset is actually doing its job. Link to the full article in our bio.
