That rock-bottom rate you found? It might be costing you money every month.
Here's a question I ask clients all the time. Where are your savings actually sitting? If there's a healthy balance parked in an everyday savings account while your home loan has no linked offset, you're paying interest you don't need to pay. Every dollar in an offset works against your loan balance daily. Every dollar sitting elsewhere just watches.
And it's not only the offset. It's the friction you live with. Does it take days to move money between your loan and your other accounts? Can you pay a bill straight from the account, or do you have to transfer first, wait, then pay? That admin burden isn't just annoying. It's time, and time is money.
This is the part the comparison sites never show you. A rate is one number. A loan is a set of features you'll use every week for years. The cheapest headline figure attached to a rigid, clunky product can leave you worse off than a slightly higher rate with the right structure around it.
So before you chase the lowest number on the page, understand what actually comes with it. Structure matters more than most people realise.
If you're not sure whether your loan is working as hard as your money should be, happy to walk you through it.
My Mortgage Concierge is licensed under ACL 392736 Sattout Accounting Services Pty Ltd. General information only — seek personal advice before acting.
