This Week…
Is your offset account actually saving you as much as you think?
Is an offset account actually worth it?
Property potential in Sunbury
Suburb Spotlight in Sunbury
Mortgage News
Is your offset account actually saving you as much as you think?
Offset accounts are one of the most useful features available with a home loan, but are you getting the full benefit from yours?
With interest rates continuing to rise, it's worth taking a closer look at how your home loan is structured and whether your everyday banking arrangements are working in your favour.
An offset account works by reducing the loan balance on which your lender calculates interest.
For example, if you have a $600,000 home loan and $50,000 sitting in a 100% offset account, you'll generally only pay interest on $550,000.
That can make a meaningful difference over the life of a mortgage.
But there are a few things worth checking:
Is your account fully offsetting? Not every offset account provides a 100% interest benefit.
Are all your savings linked? Some lenders allow multiple offset accounts, while others have different restrictions.
Are you paying unnecessary fees? An offset facility can sometimes come with higher interest rates or package fees.
Are you using it effectively? Keeping savings in an offset account rather than a separate savings account may help reduce the interest charged on your mortgage.
Recent attention has also been drawn to Suncorp customers who are transitioning to ANZ, with changes to multiple offset account arrangements potentially affecting how their savings reduce mortgage interest.
Don't just look at the interest rate on your home loan. Look at the entire structure, including your offset arrangements, fees and how you're managing your cash flow.
Sometimes the biggest savings aren't necessarily found by switching banks, but by making better use of the loan you already have.
If you haven't reviewed your home loan structure recently, it might be worth taking another look.
Get in touch with Redlend Home Loans to discuss your options.
Mortgage Tip
Is an offset account actually worth it?
An offset account can be a great way to reduce the interest you pay on your home loan, but is it always worth having one?
Let's look at some numbers.
Assume you have two home loan options:
Standard home loan: 6.30%
Home loan with offset: 6.50%
Additional annual package fee: $395
The offset loan has a slightly higher interest rate, so your savings need to be large enough to make up for that difference and the annual fee.
Here's how the numbers could look
Figures are illustrative and assume the offset balance remains consistent throughout the year.
So, when does an offset become worthwhile?
In this example, you'd need approximately $15,308 sitting in your offset account on average to break even.
The important thing to remember is that an offset account isn't automatically the best option. If you're only keeping a small amount in savings, a lower-rate home loan without an offset facility may leave you better off.
It's not just about having an offset account. It's about making sure the numbers work in your favour.
Property Spotlight
Sunbury - Victoria
Character, space and versatility in Sunbury
This week's Property Spotlight takes us to 83 Gap Road, Sunbury, where a unique four bedroom home offers plenty of flexibility for growing families, first home buyers or buyers looking for something a little different.
Currently advertised between $645,000 and $695,000, the property sits on approximately 539m² and offers a combination of established living spaces and additional areas that could suit a range of lifestyles.
Inside, the home features four bedrooms, two bathrooms and an open plan kitchen and dining area, alongside a separate living space that provides plenty of natural light.
One of the standout features is the second living area, complete with polished concrete flooring, a kitchenette and an open fireplace. French doors lead out to a decked entertaining area, creating a nice connection between indoor and outdoor living.
Outside, there's a grassed area, established vegetable garden and a separate studio/workshop, providing additional space for hobbies, storage or working from home.
The location is another positive, with Batman Avenue shops, ALDI, public transport, local parks and schools all within easy reach.
From a buyer's perspective
At the advertised price guide, this property could appeal to buyers wanting a four-bedroom home without pushing into some of the higher priced Melbourne suburbs.
The additional living area and separate studio also provide flexibility that you don't always find in this price range.
As always, buyers should consider the property's condition, building and pest reports, and their own budget before making an offer.
Property details
Location: 83 Gap Road, Sunbury VIC
Price guide: $645,000 – $695,000
Bedrooms: 4
Bathrooms: 2
Land size: Approximately 539m²
Parking: Single carport plus two open spaces
Standout features: Second living area, kitchenette, fireplace, deck and separate studio/workshop.
Thinking about buying? Before you start attending inspections, it's worth understanding your borrowing capacity, deposit requirements and what your repayments might look like. If you need a hand working through the finance side, I'm always happy to help.
Here is what the numbers could look like…
Approximate numbers for general information only, this is not financial advice and individual circumstances will vary. Lets assume we a a first home buyer, eligible for the 5% deposit scheme and Victorian Government stamp duty concessions.
Assume a Sale @ $695,000
A Deposit @ 5% = $34,750
Stamp Duty & Government Fees @ $25,148
Conveyancing & Building Pest Inspection @ $3000
Savings or equity Required $60,998
Monthly Repayments @ $4174
Based on 6.5% Interest Rate, 30 years, Principal & Interest
Suburb Spotlight
Sunbury
Located approximately 40 kilometres north west of Melbourne's CBD, Sunbury has become an increasingly popular choice for buyers looking for more space, established family homes and access to Melbourne without the price tag of many inner and middle ring suburbs.
With a mix of established homes, newer residential estates, local shopping precincts and plenty of surrounding open space, Sunbury offers a lifestyle that continues to attract first-home buyers, growing families and property investors.
Population and growth
Sunbury had a population of 38,851 at the 2021 Census, with more recent estimates placing the population at approximately 44,500 in 2026.
That represents an estimated increase of around 14.7% since the last Census, highlighting the area's continued population growth.
Property market
Sunbury's property market has continued to record steady growth.
Current market figures show:
Median house price: approximately $735,000.
Three bedroom house median: approximately $681,000.
Four bedroom house median: approximately $785,000.
Annual house price growth: approximately 6.5%.
Median weekly house rent: approximately $540.
Gross rental yield: approximately 3.9%.
These figures make Sunbury an interesting option for buyers looking for established family homes, while still offering a range of properties at different price points.
Lifestyle and amenities
One of Sunbury's biggest attractions is its combination of suburban convenience and a more relaxed lifestyle.
The town has its own shopping centre, supermarkets, cafés, sporting facilities, schools and medical services.
Public transport is another advantage, with Sunbury railway station providing access to Melbourne's CBD via the Sunbury line. The Calder Freeway also provides convenient road access towards Melbourne and surrounding regional areas.
For families, the area offers a good selection of primary and secondary schools, parks, sporting clubs and recreational facilities.
The investment perspective
From an investment perspective, Sunbury benefits from an established residential market, continued population growth and a strong owner-occupier presence.
With a gross rental yield of around 3.9% for houses, it may appeal to investors looking for a combination of rental income and longer-term capital growth potential.
As always, investors should consider the purchase price, ongoing expenses, rental demand and their own borrowing position rather than relying on historical growth figures.
Sunbury is worth keeping on the radar for buyers who want more space without necessarily stretching their budget into some of Melbourne's more expensive established suburbs.
Whether you're a first home buyer, upgrading for a growing family or considering an investment property, it's an area that offers plenty to explore.
Property data supplied by Cotality. Figures current as at 08 November 2026 and provided for general information only, not personal financial or property advice. If you would like your own free property report, please email me below.
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Lets Talk Property
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