Offset Account

Pair an Offset Transaction Account with your eligible home loan, use it like an everyday bank or savings account, and you could save on your home loan interest.

Why choose an offset account?

Open an account easily

If you have an eligible Complete Variable Home Loan or Complete Fixed Home Loan, you can choose to open single or joint 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. Other exclusions apply.

Where a monthly offset fee applies, it will apply to each offset account held.

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 Debit 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

You can use an offset account like any everyday bank or savings account. The difference is any money you have in it is offset against your home loan, which reduces the interest you pay. Interest on your loan is calculated daily, so the more you have sitting in your offset account on any given day, the less interest you’ll be charged.

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).

Two graphs visualising how offset accounts work. As detailed in text section before this image. Two graphs visualising how offset accounts work. As detailed in text section before this image.
Did you know you could convert an existing eligible transaction account to an offset account? Message us in the Bankwest App or online banking to find out more.

Why have multiple offset accounts?

Opening multiple offset accounts for your spending and savings could help give you the control to manage your money your way – while still potentially reducing your home loan interest. We call this ‘bucketing’, so you can have different buckets for different things like bills, savings or travel.

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 per offset account
Fixed Rate Home Loan (within the term) 40% $0 4 At the end of the fixed term a monthly offset fee of $10 per offset account will apply. Close

Apply today

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

More ways to save money on your mortgage

An offset account is one way to help reduce your home loan interest and pay your mortgage off faster, but there may be other options that could suit you - such as making extra repayments.

See more ways to save money on your mortgage