• Pay off lump sums without extra costs¹.
  • Increase your repayments without break costs¹.
  • Your interest rate will move in line with the market.
  • You could save on interest charges and reduce the length of your loan.
  • 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 savings and everyday accounts all work to help you pay off your home loan faster. You only pay interest on the difference between what's in those accounts and the balance of your home loan (note that 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
  • Make one-off lump sum repayments, and 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 required you can reduce your regular repayments to any amount at or above the minimum
  • 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 home loan balance: $300,000
LESS current savings/transaction balance: $25,000
Pay interest on: $275,000

With a Choices Offset Floating 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.

Eligible accounts.

Get in touch.

Meet with an expert

Our Mobile Mortgage Managers can come to you, when it suits you best.

Find a Mobile Mortgage Manager

Talk to us

Call us any time from 8am - 6pm weekdays, 9am - 3pm Saturday.

Call us on 0800 177 277

Visit us

Make an appointment to talk to a home loan expert in branch.

Find your nearest branch

Things you should know.

1 Standard transaction fees may apply.

2 These accounts are no longer available for new applications.

3 Conditional approval requires a credit check and confirmation of the details provided in your application. Other conditions may also apply depending on the nature of your application.

Choices Offset is only available on a Choices Floating home loan. Interest rates are current and are subject to change without notice.

Interest rates are subject to change without notice. Westpac's home loan lending criteria and terms and conditions apply. An establishment charge may apply. A low equity margin may apply. An additional fee or higher interest rate may apply to home loans if the application is accepted but does not meet the standard lending criteria.

Documents and fees

See the detailed terms and conditions, and fees, for our Choices Offset home loan:

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