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.
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 9 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.