How can we make managing your home loan easier? Talk to us today.
Make your home loan work for you
Applying for a home loan is just the beginning. We have a range of home loan management services and tools to help you get the most out of your home loan. We’re making banking easier, one home loan at a time.
Chat with one of our Home Loan experts to find out if you could be saving money on your home loan.
Have you thought about home insurance? Protect your building, contents and portable contents with home insurance through our partner CommInsure#. Apply online and your premium will be calculated with a discount of up to 15%*.
Want to make changes to your home loan?
Life can bring lots of unexpected surprises and opportunities. So if your circumstances have changed, it’s worth getting in touch.
We can help with a range of services including:
- Home loan health check
- Increasing your home loan
- Accessing additional funds
- Reviewing your loan structure
Looking for a home loan elsewhere? Your business is important to us and we’re keen to help you get value for money. Why not have a chat with one of our friendly team today to see what we can do to help.
How can an offset account save you money?
Simply put, an offset account is a bank account that is linked to your home loan. It allows you to use your account like you would with any other account, but the balance of your offset account is used to reduce the interest you pay on your home loan. For example, if you had a $350,000 mortgage and had an offset account with a balance of $20,000, you would only be charged interest on a mortgage balance of $330,000.
You can treat your offset account just like your regular bank account. You can have your salary deposited to the account, use a MasterCard® Debit Card for your everyday spending and even set up all your direct debits from your account (including your home loan repayments). An offset account works well if you want the ability to reduce the interest payable on your home loan while still having access to the lump sum of money for a rainy day.
At Bankwest, our Offset Transaction Account can be used to offset your home loan. To find out more about the account and to see if your current home loan is eligible for an offset account, have a look at the Offset Transaction Account.
Extra repayments and building surplus
One of the great features of a variable loan is that you can make extra repayments to your home loan. This is a great way you can reduce the interest payable on your home loan. Even if you can make a small extra repayment to your loan every week, the savings can be huge. But don’t take our word for it, crunch the numbers yourself on our extra repayments calculator, to see just how much you could save by making extra repayments.
When you make extra repayments to your variable home loan, this money will build up in surplus. This money is then available for you to transfer out of your home loan in the event that you might need it. Consider it like a small savings account, the money is separate from your everyday spending, it is reducing the interest payable on your home loan (which in turn reduces the amount of time left on your home loan) and available for you to access in case of emergency!
To find out what time and money you could save off your mortgage, try out extra repayments calculator.
Easy tips to save money on your home loan
Make weekly or fortnightly repayments,
instead of monthly
Interest is calculated daily, and raised monthly on your due date every month. If you split your monthly repayments in to two fortnightly repayments, or even four weekly repayments, you are making repayments in to your loan more frequently. As you are making more frequent repayments, the balance that we calculate your interest on every day will be reducing (weekly or fortnightly). This is a good way to reduce the interest payable on your home loan with minimal effort.
Consider splitting your loan between
fixed and variable
Interest rates have changed a lot in the last 2 years. If you are concerned about ever-changing interest rates, you might consider splitting your loan between fixed and variable. You can choose to fix a portion of your loan on one of our fixed rate loans, while still keeping part of your home loan variable for extra flexibility. One great benefit of a fixed rate loan is that your repayments will not change for the entirety of the fixed term. So if you fix your loan for 3 years, you have the peace of mind to know that your home loan repayments will remain the same for the next 3 years. This is a great way to budget while having the certainty of a fixed interest rate. If you are considering splitting your loan between fixed and variable, keep in mind that the minimum loan amount you can fix is $100,000.
Redrawing on your home loan
Redrawing through Online Banking
Redrawing through online banking is easy! Follow these simple steps to redraw for your home loan:
- Log in to Bankwest Online Banking
- Select ‘payments & transfers’
- Select ‘internal transfer’ (transfer to another Bankwest account) or ‘pay anybody’ (transfer to another financial institution)
- Select your home loan as your “from account”
- Complete the rest of the transfer and press submit.
If you are transferring between your own Bankwest accounts, the funds will arrive immediately in the destination account. If you are transferring to another financial institution, the funds will arrive within 3 working days. Note: not all home loans are eligible for redraw through online banking. If your home loan does not appear in the list of “from accounts”, please submit a request through our redraw form.
Redraw through our request form
If your home loan is not eligible for online redraw, or you would prefer to submit a form request for your redraw, there are two options (fees may apply).
Complete your details on our secure, Home Loan Access Request form. A specialist will then call you to confirm your request before processing it.
Print and complete our Home Loan Access Withdrawal Authority Form. You can then drop this completed form in to any local Bankwest Store or fax it to 1300 664 825.
Our handy tools can help answer some of your home loan questions
Proudly supporting the community
Offset Transaction Account: Offset facility not available to companies, businesses and trading family trusts.
The information contained within this page is of a general nature and is not intended to be nor should it be considered as professional advice. You should not act on the basis of anything contained within this page without first obtaining specific professional advice. Also to the extent permitted by law, Bankwest, a division of Commonwealth Bank of Australia ABN 48 123 123 124 AFSL/Australian credit licence 234945, its related bodies corporate, employees and contractors accept no liability or responsibility to any persons for any loss which may be incurred or suffered as a result of acting on or refraining from acting as a result of anything contained within this page.
* If you have purchased Building cover or Contents cover online, a discount of up to 10% will be applied to your basic premium. If you have purchased combined Building and Contents cover, a discount of up to 15% will be applied to your basic premium. Online discount does not apply to Portable Contents Cover when taken as a standalone policy. This discount cannot be used in conjunction with any other discount (other than those listed in the relevant Product Disclosure Statement or any Supplementary Product Disclosure Statement) or in conjunction with any other promotional offer, unless we have advised in the promotional offer that this discount will apply. We may remove or change this discount effective from the renewal date. This discount cannot be backdated. Minimum premiums may come into force and reduce the extent to which discounts are applied.