• Pay off lump sums or increase your repayments when you like without prepayment costs¹.
  • Your interest rate will go up or down with the market.
  • Your accounts stay separate so you can manage your money as you like.
  • Ability to link multiple eligible Westpac accounts to offset more.

How it works.

The money in your eligible savings and everyday accounts all work to help you pay off your Choices Floating Home Loan faster. You only pay interest on the difference between what's in those accounts and the balance of your floating home loan (this means you won't receive interest on the linked savings accounts).

Features in detail

  • A loan term of up to 30 years
  • Choose fortnightly or monthly repayments
  • Flexibility to make one-off lump sum repayments, or even pay your loan off in full
  • Redraw up to your limit or apply to top up your loan by $5,000 or more
  • If you're paying more than the minimum repayments required you can reduce your regular repayments to any amount at or above the minimum repayment amount
  • Choice of a table, interest-only or reducing repayment structure
  • Choose to split your home loan with a fixed home loan option for both flexibility and certainty
  • If you are moving house, you might be able to transfer your loan to your new home.

Offsetting in action

Here's an example to show how easy and effective offsetting can be:

Current floating home loan balance: $300,000
LESS current savings/transaction balance: $25,000
Pay interest on: $275,000

With a Choices Floating  with Offset interest rate of 4.59% p.a. and a term of 30 years, you could save more than $78,000 in interest and pay off your home loan 3 years 9 months sooner.

Every bit helps. Even if you start saving a few hundred dollars a month, it makes a big difference to how quickly you pay off your home loan.

The above scenario is a demonstrative example only and doesn’t take into account your personal situation or goals. Every loan transaction differs, so please feel free to contact us to review your specific loan situation.

Eligible accounts.

If you don’t pay amounts when they‘re due, your loan account may exceed its limit and the rate of interest that’ll be applied to the overlimit amount will be the interest rate + 5% p.a.

Choices Floating with Offset calculator.

See how much you could save in interest using our Choices Floating with Offset calculator.

Get in touch.

Meet with an expert

Our Home Loan Experts can come to you, when it suits you best.

Find a Home Loan Expert

Talk to us

Call us from 8am to 6pm Monday to Friday, 9am to 3pm Saturday.

Call 0800 177 277

Visit us

Make an appointment to talk to a Home Loan Expert in branch.

Find your nearest branch

Apply online.

Existing customers can apply for a home loan via Westpac One® online banking.

Log in to Westpac One

Things you should know.

1 See Choices Home Loan Account fees 

2 These accounts are no longer available for new applications.

The Choices offset feature is only available on a Choices Floating Home Loan.

Interest rates are subject to change without notice. Westpac's home loan lending criteria, terms and conditions apply. A low equity margin may apply.

Documents and fees

See the detailed terms and conditions, and fees for our Choices Floating with Offset Home Loan:

View terms and conditions for all our home lending products here.