Senate to examine mortgage offset accounts

Today the Senate voted to establish a new inquiry into bank mortgage offset accounts as many Australians have been ripped off.

Australians should have choice and flexibility over how their own money is used, including to achieve the goal of home ownership. But banks have failed to ensure these products work as promised, leaving Australians paying more interest than they should.

Even the Australian Securities and Investments Commission wrote a report on this in July 2026 - titled “Offsets, out of mind: Banks fall short on mortgage offset account promises.” But Labor has done nothing in response. They don’t care about victims. They haven’t fixed ASIC and their only solution is more tax.

That is why our inquiry will examine how mortgage offset accounts are established, linked, managed and monitored, including their costs and benefits for customers. It will also examine how failures are identified and remedied, whether customers are properly compensated and the impact on interest costs, repayments, focusing on the implications for home ownership.

The major banks are not above reproach. We expect to hear from their top brass. Australians should not be left paying more interest because an offset account was not properly established, linked or managed.

This inquiry will ensure mortgage offsets are working for Australians and supporting home ownership. It will report by 7 June 2027.

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