Every little bit helps
If you don’t have any current savings but you start putting a little away each month you’ll increase the total amount you can offset against your floating home loan – this could save you thousands in interest repayments and help you pay off your home loan sooner.
In the example below, you’ll see putting away just $500 a month could save you $172,160 in interest and pay off your home loan 5 years sooner.

Current home loan balance: $500,000
LESS: Current savings balance: $0
LESS: Transaction balance: $2,500
LESS: Monthly savings: $500
(Calculations are based on a 30 year term and interest rate of 5.34% p.a.).
The example is for illustrative purposes only. The actual reduction in the home loan term will depend on individual circumstances and interest rates are subject to change. This does not constitute a quote of offer by Westpac.
To see how this can work for you check out our Choices Offset calculator here.
Linking accounts
With Choices Offset by linking any eligible Westpac transaction and savings accounts, could boost the amount you offset. The eligible ‘linked’ accounts can be yours, your parents or your children.
Let’s say you’re saving for your child’s education. With Choices Offset, you can link their savings account to your floating home loan, reducing the amount of interest you pay on your home loan, without sacrificing your child’s education fund or combining accounts.
In the example below, you could save more than $329,000 in interest and pay off you home loan 9 years, 9 months sooner!

Current home loan balance: $500,000
LESS: Current linked savings balance: $100,000
LESS: Transaction balance: $2,500
LESS: Monthly savings: $500
(Calculations are based on 30 year term and interest rate of 5.34% p.a.).
The example is for illustrative purposes only. The actual reduction in the home loan term will depend on individual circumstances and interest rates are subject to change. This does not constitute a quote of offer by Westpac.
To see how this can work for you check out our Choices Offset calculator here.