Offset Account

Pair an offset account with your eligible home loan, use it as an everyday or savings account, and you could save on your home loan interest.

Why choose an offset account?

Open an account in 30 seconds

If you have an eligible Complete Variable Home Loan or Complete Fixed Home Loan, you can quickly open single offset accounts in the Bankwest App.

Make every dollar count

You could boost your balance by getting paid directly into your offset account.

Up to nine offsets per loan

Split your money into different offsets, to help you manage your funds. 1 Offset Transaction Account must be held in the same name as the loan account. Not available with our Equaliser Home Loan or equity products. Other exclusions apply. Close

Debit Mastercard® access

Access funds with a Debit Mastercard or Platinum Debit Mastercard. 2 Debit Mastercard is available to Australian citizens, temporary or permanent residents only. To be eligible for a Platinum Mastercard, the cardholder must be over 18, with an Australian residential address, who deposits a minimum of $4,000 into the account each month. Close

Bankwest Halo payment ring

For an even easier way to pay, order a Bankwest Halo payment ring.

Up to 100% offset

The portion of your balance that’s offset against your loan depends on loan type. 3 Maximum 40% offset applies to Fixed Rate Home Loan and Complete Fixed Home Loan. Close

How it works

It’s a bank account that’s linked to your home loan. Interest on your loan is calculated daily, so the more you have in your offset account on any given day, the less interest you’ll be charged for that day.

Let’s say you had $300,000 owing on your Bankwest loan and $5,000 in your offset account. With 100% offset on a variable loan, the interest for that day would be calculated on a loan balance of $295,000. If you had a fixed loan with 40% offset, it’d be calculated on $298,000.

For more information, download the Mortgage Saver Offset Facility customer information sheet (PDF).

Graph visualising how offset accounts work. As detailed in text section before this image. Graph visualising how offset accounts work. As detailed in text section before this image.

Manage your money, save on home loan interest

You could open multiple offset accounts for your spending money and savings, to help you manage your money while still reducing your home loan interest. We call this 'bucketing'.

Rates and fees

See the offset potential of your home loan.

Name Offset available Monthly offset fee
Complete Variable Home Loan 100% $0
Complete Fixed Home Loan 40% $0
Variable Rate Home Loan (Premium Select) 100% $10
Fixed Rate Home Loan (within the term) 40% $0 4 At the end of the fixed term an offset fee of $10 per month will apply if an offset account is held. Close

Apply today

Open an account in the Bankwest App. Or, get in touch with one of our Home Finance Managers, and they’ll respond within one business day.