Choices Floating with Offset.
With a Choices Floating Home Loan, you can choose to offset your savings against your home loan and only pay interest on the difference. It could save you thousands on interest repayments and cut years off your home loan.
- 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.
Choices Floating with Offset calculator.
Get in touch.
Meet with an expert
Our Mobile Mortgage Managers can come to you, when it suits you best.
Talk to us
Call us from 8am to 6pm Monday to Friday, 9am to 3pm Saturday.
Make an appointment to talk to a home loan expert in branch.
Our home loan online application form is temporarily unavailable. We apologise for any inconvenience. You can apply for a home loan through a Mobile Mortgage Manager, by calling us on 0800 177 277, or making an appointment at your nearest branch. Existing customers can also apply via Westpac One® online banking.
Things you should know.
1 Standard transaction fees may apply. 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. An establishment fee may 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:
- Choices Home Loan Summary - Sample
- Choices Home Loan Terms and Conditions
- Transaction and Service Fees
- Westpac General Terms and Conditions