Arabic version: كيفية التحقق من حساب المقاصة المرتبط برهنك العقاري

According to ABC News, many Australians may have paid more interest than necessary because banks did not deliver promised savings through mortgage offset accounts. Corporate regulator ASIC says $55 million has so far been paid in customer compensation for failures, with further compensation likely.

An offset account operates like a regular bank account linked to a home loan. Its balance is deducted from the outstanding mortgage balance for interest calculations. For example, a borrower with a $500,000 mortgage and $50,000 in an offset account would still make repayments on $500,000, but would pay interest on $450,000, Smart Lending Mortgage Brokers founder Melissa Gielnik said.

Offset accounts are widely used: the Reserve Bank of Australia says 55 per cent of mortgages have one attached, while APRA says balances in such accounts have reached about $349 billion. Canstar estimates about $61 million in interest is being offset each day.

Canstar director of data insights Sally Tindall said borrowers should carry out a “health check” every few months. They can calculate whether their charged interest matches their loan rate, check online banking to confirm the offset account is linked to the mortgage, or contact their bank directly. If an account is not linked, the issue may be resolved through online banking.

Tindall said customers should follow a phone call with an email if needed to create a record of contact, and can approach the Australian Financial Complaints Authority if they are dissatisfied. She also noted that offsets may carry higher fees and rates, so borrowers should assess whether the benefit outweighs the cost. An alternative is making extra mortgage repayments and using a redraw facility, though investors should seek accounting advice because withdrawals can have tax complications.