Making the most of your mortgage

Settlement’s done, now what?

See a checklist of what to do and expect – from paying your deposit and making your first repayment to managing your mortgage anytime.

Paying off your mortgage sooner

See how much you could save

Find out how making extra repayments and using an offset account could reduce your home loan interest – and the time it takes to pay off your mortgage.

Managing your home loan

FAQs at your fingertips


Is my loan amount (principal) reducing?

When you make your principal and interest repayments, a proportion repays the principal amount and a proportion goes towards paying the interest amount.

However, for the first half of your loan term, a higher proportion of your minimum monthly repayments goes towards the interest amount. As you continue to repay your loan over the term, a higher proportion of your repayment will go towards your principal amount.

Want to see an example of a loan amount reducing? We’ve laid it out in a graph.


What happens if there’s an interest rate change?

We announce any interest rate changes in our news archive. We'll also notify you in writing of any changes to your repayments and how they affect you by posting you a new Account Position Statement.

What do I need to do?

  • If you’ve arranged to pay the minimum payment via direct debit, you don’t need to do anything. Your new repayments will be automatically adjusted for you
  • If you’re paying a fixed amount or if you make your payments manually, you may need to make a change to ensure you’re paying the right amount. Please refer to your Account Position Statement for more information
  • If you’re not sure how you’ve set up your payments, call us on 13 17 19.

Can I redraw from the available balance of my home loan?

If you deposit extra money into a variable rate home loan (anything above the minimum repayments), you’ll build up a surplus balance in your loan.

In the Bankwest App

Depending on where you’d like the funds to go, you can choose to either transfer your surplus funds to another one of your accounts or to someone else.

Simply log in to the Bankwest App and select your home loan account. You can then ‘Make a payment’ and choose between ‘My accounts’, ‘Payees’ or ‘BPAY® biller’.

To get an estimate of what your surplus might be, just take your available balance and minus your next repayment from it.

Can’t access the app? Here are some other options

Bankwest Online Banking
Go to ‘Payments & transfers’ and use an internal transfer to move the money from your home loan account into another Bankwest account.

If you want to transfer the surplus funds to another person’s account or use them to pay a bill, you can also make a ‘Pay Anybody’ or ‘BPAY®’ transfer from most home loan accounts.

Submit a form online
Submit a Home Loan Access Request form and we’ll call you to confirm your request before processing it.

Fill out a form and return it at a branch
Print our Home Loan Access Withdrawal Authority form (PDF). You can then return it to your nearest Bankwest branch.

Don’t have a redraw facility?

If you’re not sure how to use your redraw facility, or you haven’t set one up yet, we can help. The best thing to do is to contact us.

®Registered to BPAY Pty Ltd ABN 69 079 137 518.
Terms of use apply for use of Bankwest App.

Understanding your home loan statement

We’ve put together a quick guide on how to read them

…so you can tell your balance from your limit and more.


How does your home loan compare?

Compare repayments to find out whether refinancing your loan could save you money on interest.

Ask an expert

Get in touch with one of our Home Finance Managers, and they'll respond within one business day.