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Offset Account Checker

Is your offset account actually saving you interest? Check a statement in about two minutes.

Why check now: ASIC’s July 2026 review of 8 major lenders found offset accounts that were opened but never linked to the home loan (55% of failures found), never opened at all (22%), or linked late (14%) — with more than $55 million already repaid to affected customers. Failures were often triggered by a refinance, a fixed-rate rollover, or a product switch. Read the ASIC media release.
Before you start — read this (it prevents false alarms)
  • Use the interest debit line only. Don’t include package fees, account fees or government charges that appear on the same statement.
  • Don’t test the first or last month of a loan (or the month of a refinance/settlement) — part-period charges make the numbers unreliable.
  • Split loan? Offsets normally attach to the variable split only. Enter the balance and rate of the variable split, not the whole loan.
  • Multiple offset accounts? Add their balances together and enter the total.
  • Redraw is not an offset. If you only have redraw, this checker isn’t the right test.
  • Best months to test: the months straight after a refinance, fixed-rate rollover or product switch — that’s where ASIC found links get dropped.
We’ll test against a 100% offset and flag if a partial offset could explain your result.

Interest a correctly working offset should produce
Interest with no offset benefit at all
Interest you were actually charged
Saving your offset should deliver this period
Where your charge sits between “working” (left) and “no offset at all” (right)

Months checked this session

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Your letter to the bank — pre-filled with this month’s figures

Copy this into an email or your bank’s secure message centre. Fill in the two [bracketed] details. Putting the query in writing matters: it starts the clock, and it’s the record AFCA will ask for if you escalate.

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Rates have moved a lot since 2022, so you can enter up to three periods (e.g. “12 months at 6.2%, then 8 months at 5.8%”). The estimate compounds monthly — excess interest you paid meant less principal retired, which itself accrued interest.

Related tools: once you know the offset is working, see how many years it takes off your loan with the Effective Interest Rate Calculator, or model the repayment savings with the Home Loan Offset Calculator.

🔒 Every calculation happens in your browser. Nothing you type is sent, stored or shared.

This tool provides general information only and is not financial, credit or legal advice. It uses simplified daily-interest approximations based on the figures you enter; your lender calculates interest on actual daily balances (and daily divisor conventions vary slightly between lenders — some divide by 365 even in leap years, some by 366), so small differences are normal. A result here is not proof of a bank error — it tells you whether your statement is worth querying. One month is an indication; two or three consistent months is a pattern. If you believe your offset has not operated correctly, contact your lender first, then AFCA. Figures on this page reference ASIC media release 26-173MR (29 July 2026). Soren Financial may receive commission from lenders if you refinance through us.
Built by Soren Financial · Source: ASIC 26-173MR
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