An offset account can be used as an everyday bank account and is powerful way to save on interest. When linked to your eligible Bankwest home loan product the credit balance of the offset account will help reduce the interest charged on your loan. This might mean that you can pay off your home loan sooner.
For example, if you have a Bankwest Home Loan with $200,000 owing and an Offset Transaction Account with a credit balance of $20,000 and 100% offset, you will only pay interest on your home loan on a balance of $180,000.
You don’t need to keep a huge amount in your offset account to make it work. An easy and effective way to start is to have your salary directly credited into your offset account.
* 40% offset applies to Fixed Rate Home Loan and Complete Fixed Home Loan. Offset Transaction Account not available for Online Home Loan, Complete Equity Loan or Seniors Equity Release Home Loan, Equity Access Home Loan.
^ Other fees and charges including overseas ATM access fees and foreign transaction fees may apply.
** Debit MasterCard is available to Australian Citizens, Temporary or Permanent Residents only. To be eligible for a Platinum Debit MasterCard, the card holder must be over 18 with an Australian residential address, who deposits a minimum of $4,000 in the account each month.
Offset facility not available to companies, businesses and trading family trusts.