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, which means less wasting your money.

Why choose an offset account?

Save on interest

The more you have in your offset account, the sooner you could pay off your loan. 1

Up to nine offsets per loan

Split your money into different offsets, to help you manage your funds. 1

Debit Mastercard® access

Access funds with a Debit Mastercard or Platinum Debit Mastercard. 2 Debit Mastercard access is available to Australian citizens and temporary or permanent residents over 18 with an Australian residential address (limited exceptions may apply subject to conditions). 3 Deposit at least $4,000 a month into your account and you'll be eligible for a Platinum Debit Mastercard, which includes upgraded benefits like complimentary purchase security and extended warranty on Australian purchases. Limitations, exclusions and eligibility criteria apply. It's available to Australian citizens and temporary or permanent residents over 18 with an Australian residential address (limited exceptions may apply subject to conditions).

Up to 100% offset

The portion of your balance that’s offset against your loan depends on loan type. 4 Maximum 40% offset applies to Fixed Rate Home Loan and Complete Fixed Home Loan.

Make every dollar count

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

How does an offset account work?

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).

Visualisation of how offset accounts work Visualisation of how offset accounts work
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.

See it in action with a Complete Home Loan Package​

Our Complete Home Loan Package not only gives you the flexibility to add multiple offset accounts – you could also add an eligible credit card. To help you take advantage of these features and more, here are five tips. They could help you manage your finances and potentially pay off your loan sooner.

5 tips to help you manage your Bankwest Home Loan Package

Read the video transcript (PDF)

Rates and fees

See the offset potential of your home loan.

Swipe
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 5 At the end of the fixed term a monthly offset fee of $10 per offset account will apply.
Swipe

Offset Transaction Account terms and conditions:
The relevant Product Schedule together with all of the related documents form the complete Product Disclosure Statement for this product.

Product Schedule:
Bankwest Offset Transaction Account (PDF)

Related documents:

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.

Frequently asked questions

Info at your fingertips

1

How is an offset account different to a savings account?

Unlike a savings account, an offset account is linked to your home loan, and when used, it can reduce the amount of home loan interest you pay over time. More often than not, a savings account rewards you for untouched savings with bonus interest or rewards points.

2

Offset account vs. redraw facility – what’s the difference?

A redraw facility is a feature on your home loan, while an offset account is a separate account that’s linked to your home loan.

Both can help you save on home loan interest, but by using an offset account, you can keep track of your savings separately and access funds anytime with a debit card.

3

What are the benefits of multiple offset accounts?

Having multiple offset accounts with a Complete Home Loan Package could help you manage your money more easily, by using them for specific things – like savings, bills and spending. Plus, you could save on home loan interest at the same time. It’s a win-win we call ‘bucketing’. And you can track it all in our app. Learn more.

4

How do I open an offset account in the Bankwest App?​

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.​

Tap ‘Open or browse products’ from your ‘Home’ or ‘More’ screens.

Don’t have a Complete Home Loan Package? Get in touch to open your accounts.

First thing's first

  1. Offset Transaction Account must be held in the same name as the loan account. Maximum 40% offset is available with our Complete Fixed and Fixed Rate Home Loan. Other exclusions apply.

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

  2. Debit Mastercard access is available to Australian citizens and temporary or permanent residents over 18 with an Australian residential address (limited exceptions may apply subject to conditions).
  3. Deposit at least $4,000 a month into your account and you'll be eligible for a Platinum Debit Mastercard, which includes upgraded benefits like complimentary purchase security and extended warranty on Australian purchases. Limitations, exclusions and eligibility criteria apply. It's available to Australian citizens and temporary or permanent residents over 18 with an Australian residential address (limited exceptions may apply subject to conditions).
  4. Maximum 40% offset applies to Fixed Rate Home Loan and Complete Fixed Home Loan.
  5. At the end of the fixed term a monthly offset fee of $10 per offset account will apply.

Offset account not available with our Equaliser Home Loan or equity products. Other exclusions apply.

Lending and eligibility criteria, and fees and charges, apply for our home loans, including an annual package fee of $395 for the Complete Home Loan Package. Complete Home Loan Package consists of an eligible home loan, one eligible credit card per customer and up to nine optional Offset Transaction Accounts per loan.

Terms of Use apply to the Bankwest App.

Mastercard is a registered trademark, and the circles design, Tap & go and smart data are trademarks of Mastercard International Incorporated.

Bankwest Easy Alerts are available for your mobile personal transaction and savings accounts. Limited alerts only are available for credit card transactions. Bankwest Easy Alerts will be sent to any compatible iOS and Android device on which you have the Bankwest App and enabled notifications. Whilst some alerts may be sent to your device once you have enabled notifications, in order to receive the full range of Easy Alerts available you will also need to activate the Bankwest Easy Alerts service within the Bankwest App. Terms of Use apply. Bankwest Easy Alerts is currently supported on iOS 11 and Android 5.0 devices and above. Bankwest Easy Alerts is not available on tablets and Windows devices.

The information contained on this web 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 in this web 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 on this web page.