Do you use an offset account to save money on your mortgage? It might be a good idea to contact your bank and check it has actually been set up and is working as it should.

That’s according to a report released on Wednesday by the corporate watchdog, the Australian Securities and Investments Commission (ASIC).

ASIC’s review of eight banks – accounting for more than 70% of the Australian home loan market – found “weaknesses” in how all of them “set up, monitored and managed offset accounts, resulting in some customers missing out on promised savings”.

Across the entire banking sector, ASIC says Australian banks have paid out more than A$55 million in compensation for offset account failures reported between September 2023 and August 2025.

Reserve Bank data show 55% of Australian mortgages – representing an estimated 1.8 million households – have an offset account.

According to ASIC, in March, Australians held a total of $349.1 billion in offset account balances, up 28% over two years. The watchdog’s findings raise concerns some aren’t getting the savings they’ve been promised.

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