There are a lot of options to compare when getting a home loan and it isn’t always as simple as comparing apples to apples. From offset accounts to redraw facilities and rate locks to split loans, working out which features are actually right for you depends entirely on how you manage your finances.
Loan Market mortgage brokers take the hassle out of comparing products. We look at options across 60+ lenders to match you with a loan structure aligned with your cash flow and long-term financial goals.
Loan feature | What is it? | Who is it best for? | Learn more |
Offset accounts | An offset account is a transaction account linked directly to your home loan. Every dollar sitting in this account reduces the principal balance on which interest is calculated daily, helping you pay off your loan faster while keeping cash accessible. | Everyday savers who want to lower interest charges while retaining immediate access to their funds. | Read our in-depth guide to offset accounts. |
Rate lock | A rate lock guarantees your quoted fixed interest rate from application approval up to settlement date, protecting your future repayments against market rate increases during the processing window. | Borrowers opting for a fixed-rate loan who want certainty during changing interest rate cycles. | Read our step-by-step guide to rate lock fees and timelines. |
Redraw facility | A redraw facility allows you to make extra repayments directly into your home loan to reduce your overall interest, while maintaining the ability to withdraw those extra funds if needed. | Homeowners wanting to accelerate debt reduction without locking away extra cash permanently. | Explore how a redraw facility works. |
Split loans | A split loan divides your total mortgage into two distinct portions: one part locked into a fixed interest rate and the second part on a variable rate. | Buyers who want peace of mind against rate increases without giving up repayment flexibility. | Find out more about structuring split loans. |
Different features come at different price points. Below is an example of the differences you may find between a basic “no-frills” loan and a package. This is hypothetical for illustrative purposes only – speak to your Loan Market broker to compare current options:
Feature | Basic home loan | Package / Premium loan |
Annual package fee | $0 to minimal ongoing account fees | ~$300 – $400 annual package fee |
Offset Account | Typically unavailable or partial | Included (often multiple offset accounts) |
Redraw access | Included (may carry minor transfer limits or a fee to access) | Unlimited online redraw access |
Credit card benefits | No credit card | Often includes a fee-waived credit card |
Best suited for | Borrowers wanting a simple, low-cost loan | Borrowers wanting features and flexibility |
Use our interactive planning tools to estimate how individual loan features impact your monthly repayments:
Compare repayment scenarios across different fixed and variable splits.
Calculate how much interest and time an offset account could save on your loan.
Choosing loan features shouldn’t involve guessing. A Loan Market broker compares thousands of products across Australia’s leading lenders to help you determine which features you will actually use.
Yes. Most lenders allow you to product-switch or add features like an offset account later on, though administrative fees or rate adjustments may apply. A Loan Market broker can review your existing loan to see if switching packages makes financial sense.
It depends on how much you use the additional features. For example, if using your offset account reduces your interest by more than the annual package fee (typically around $300 to $400), a packaged loan with an offset account could save you money. If you hold minimal cash reserves, a basic no-frills loan with a lower interest rate and zero ongoing fees may be the better option. A Loan Market broker will help you choose the right loan option.
Instead of looking at one bank’s suite of products, your broker evaluates your daily cash habits and financial goals against policies across 100+ lenders. We strip away paid features you won’t use and ensure you get the flexibility you actually need.
Let us know what your goals are and we will connect you with a Loan Market broker directly.
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