Manage your money, save on home loan interest

With an eligible Bankwest home loan, you can open multiple offset accounts for your spending money and savings – which could help you manage your money while reducing your home loan interest. It’s a win-win we call ‘bucketing’. And you can track it all in our app.

How it all works

Offset accounts 101

It’s a bank account that’s linked to your home loan, and some or all the money in it is ‘offset’ against the amount you owe on your home loan. Your home loan interest is calculated on this reduced amount. The more money you keep in your offset account, the more home loan interest you could save. Keep in mind that you can only open an account with people you share your home loan with.

And since you can open up to nine offset accounts per loan, why not use them to help manage your finances? If you have an eligible Complete Variable Home Loan or Complete Fixed Home Loan, you can open an account in your name from our app. Otherwise, get in touch with us to open your new accounts. Keep in mind that monthly offset fees may apply for each offset account if you don’t have an eligible Complete Variable or Complete Fixed Home Loan.

Bucketing 101

It helps you keep your spending and savings separate by splitting them into different accounts (your buckets). You can do this with any Bankwest account – including offsets.

Start by working out where your money goes each month (like bills, savings or fun stuff).  These will be your buckets. Then you can decide how much of your income goes into each bucket, each payday.

Setting up your buckets

Get started in the Bankwest App.
1

Create your buckets

Tap ‘+’ in the top right hand corner to open new single accounts. Don’t have a Complete Home Loan Package? Get in touch to open your accounts.
2

Give them nicknames

Go to the ‘Manage’ tab of each account to change their names.
3

Change their order

Keep an eye on your most important accounts. Hold them down and drag to the top.

Make the most of your buckets

Here are some things to think about…

Getting paid

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

Make it automatic

If you want, you can schedule transfers into your buckets each payday.

Order debit cards

This way, you can use your offset accounts like any other bank account.

If you’ve created savings buckets…

You can create goals and track your progress in the app.

Don’t have an offset account with us yet?

You can link up to 9 offset accounts to any eligible Bankwest home loan
 

See how our Offset Transaction Account works with our eligible home loans, find out your home loan’s offset potential and check any fees that might apply.

If you have a regular Bankwest transaction account, you can ask us to switch it to an offset account and use your existing balance to save on home loan interest.
 

Tips to pay your mortgage off sooner

Tips to make the most of an offset account.

Even little changes you make now to reduce your home loan interest can have a big impact.

From managing your home loan to paying it off sooner.

We’re here to help

Message us anytime in the Bankwest App, or call us.