Manage your money, save on home loan interest

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 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.

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.