Loan Types

100% offset account

This is a separate savings account attached to your loan. The rate of interest in your savings account is the same as the loan. Any credits to your offset account are deducted from your loan balance before the interest is calculated. These are typified by:

It operates like normal transaction account and has a cheque book and card attached to it, some lenders have a separate account for daily transactions
Commonly for this a fully featured loan usually has higher interest rates
May have higher monthly fees attached to the account
May need a minimum balance in the account

This is not a mortgage product rather a savings product and hence you should speak to specific lenders regarding this product.