Bucket your money, save on home loan interest

With an eligible Bankwest home loan, you can open multiple offset accounts and use them 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’. Plus, from opening your offsets to tracking your money, you can do it all in our app.

Slice and dice to save on home loan interest

Complete Home Loan Package

There’s less lazy money with the Complete Home Loan Package. You can open up to nine offset accounts included in your home loan - so you can manage your money how it suits you, knowing your money is always working hard.

How it all works

  • What’s an offset account?

    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 choose to open a single or joint offset account 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.
  • What’s bucketing?

    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 in the app

With the Bankwest App, you can get started from wherever you are. Here's how to get started.

Create your buckets

Easily open single or joint offset accounts – just go to your 'Home' or 'More' screen and tap 'Open or browse products’. 1 Offset accounts can be opened with a maximum of two people in the Bankwest App.

Give them nicknames

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

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

Once you’ve created your buckets, there’s a few ways you can set them up to help manage your money in the app.

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.

Create and track savings goals

Tell us how much you want to save and by when, and we’ll work out the rest. You can also watch your savings grow in the ‘Goals’ tab.

Don’t have an offset account with us yet?

You can link an offset account 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 don't have a Complete Home Loan Package, you can still link an offset account to any eligible home loan. Get in touch with us to chat through your options.

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

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.

  1. Offset accounts can be opened with a maximum of two people in the Bankwest App.

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

Lending and eligibility criteria, and fees and charges, apply for our home loans. 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.