Choices Everyday Floating

If you have a Westpac home loan, you could combine your daily transactions and home loan into one account. This way when your income is paid in, it immediately reduces your home loan balance.

It's for you if:

  • you are happy to have your home loan and transactions in one account
  • you want to save interest on your home loan
  • you're disciplined with managing your money

Key benefits

  • allows you to actively manage all your finances in one account
  • helps you save on interest charges
  • gives you flexibility to pay lump sums off your loan whenever you wish
  • you can mix and match your Choices Everyday Floating home loan with Choices Fixed, and/or Floating rates to create a loan that's individual to you
  • lets you manage your home loan in your way – choose how much you repay and how

If you're good at managing your finances you can repay your home loan sooner, however note that if you keep borrowing up to your credit limit you'll end up paying interest on the full loan amount year after year.

How it works

Choices Everyday is a revolving credit facility with your home loan and everyday banking in one account. When your salary is paid into your account it reduces what you owe on your loan – which means you pay less interest. 

This leaves more money in your home loan account for longer, the loan balance is lower and less interest is charged. Plus Choices Everyday gives you the freedom to repay chunks of your loan or redraw additional funds up to your credit limit.

Your repayment options

Choices Everyday Reducing Option

With the reducing option, your loan limit gets lower each month reducing the amount you can redraw. This means that your home loan will be paid off within the term you selected when you first signed up.

Choices Everyday Flexible Option (non-reducing)

The non-reducing option gives you greater financial control over your home loan. You make repayments your way and can redraw up to your limit when it suits you.  This option is usually for a limited time.


Features in detail
Floating interest rate 4.69% p.a. This can go up and down when the market changes and gives you the flexibility to pay off some or all of the loan at any time.
Long term Up to 30 years This is how quickly you want to repay the loan. A longer term means smaller regular repayments but you’ll pay more interest overall.  
Redraw    Choices Everyday is your home loan and transaction account in one – meaning you can transact and withdraw funds up to your loan limit as much as you like up.
Revolving Credit    With a revolving credit home loan, your loan and everyday banking are combined into one account.
Transfer of property    You may be able to take your home loan with you if you move to another property.
Top-up $5,000 or more You can apply to top up your loan by $5,000 or more at any time.
Repayment options
Repayment frequency No set repayments With Choices Everyday there are no set repayments – you simply have your income credited into your loan account and then use the loan as your transaction account.
Reducing option    Your Choices Everyday can be set up similar to a floating table (principal & interest) home loan by having the limit reduce each month, so the full loan is repaid within the term you selected at the start.
Non reducing option     You can also set up your Choices Everyday so that the limit doesn’t reduce.  This option is usually for a limited term only although in some cases may be extended with approval from us.
Flat/Reducing X  
Increase Regular Repayments -  
Reduce Regular Repayments -  
One-Off Lump Sum Repayments    You can partly or fully repay your loan at any time without break costs.
Interest Rate

Home Loans - Everyday Floating Interest Rate
Home loan optionRate
Choices Everyday Floating 4.69% p.a.

If you are applying for a mortgage with low equity (i.e. your deposit is less than 20%), Westpac may charge an additional interest margin of between 0.25% to 1.5% per annum.The actual margin charged will depend on your level of equity.

This rate may differ for existing Westpac home loan customers. Please contact Westpac for further information.

View all our home loan interest rates here

Loan terms and conditions

View and/or download our terms and conditions for our Choices Everyday Floating account below:

View and/or download terms and conditions for all our consumer lending products here.