What’s a limit?
The limit is the total loan amount you’ve borrowed, and it will reduce over the remaining contract period. If you make extra repayments, it will be reflected on your balance.
What’s a balance?
The balance is what you’re currently being charged interest on, and the amount will fluctuate based on the following:
- your repayments
- the interest charged
- how much you have in your offset account.
If you’re making extra repayments above the minimum required, you’ll notice your balance is lower than your limit. The difference is known as your available balance, which you can see by checking your account balance in Bankwest Online Banking.