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An offset account is a bank account linked to your home loan. The balance in your account is used to offset the outstanding balance of your loan, which reduces the amount of interest you’re charged. You can use your offset account the same way you would a transaction account, so it’s a great option to deposit your salary and manage your everyday banking.

A redraw facility is a feature available on some variable rate home loans, and isn't a separate bank account. It allows you to withdraw any extra money you've paid towards your home loan over and above your minimum required repayments.

Both offset accounts and redraw facilities can help reduce the amount of interest you pay on your home loan, which could mean you pay your loan off sooner.