Skip to main content Skip to main navigation
Skip to access and inclusion page Skip to search input

Calculate if I could save using an offset account

Play with this calculator to explore how much you could save on your home loan interest and term.


How does an offset account work? 

Normally, you accrue interest on your whole home loan balance. But when you link our everyday Westpac Choice account to our Rocket Repay home loan, it becomes an offset account. Every dollar there reduces your loan interest, while giving you easy access to it for day-to-day living, or a rainy day.

Why choose our variable home loan with offset

Save by packaging

Package your loan to save on fees, get a home loan rate discount, and pay no annual fee on a Westpac credit card ($395 annual package fee applies#).

Easy access to your money

Our offset account has all the benefits of our Choice everyday account, like a Debit Mastercard, ATM access, Apple Pay and Google Pay.

Save interest with 100% offset

Every dollar in your offset account counts towards reducing the interest on your linked home loan.

Flexible features

Split your loan across variable and fixed rate, redraw anytime with no fees, and enjoy unlimited extra repayments on the variable portion.

Applying is simple, get started online

1. Apply for your home loan now

Apply in around 10-20 mins, or save and come back later. Tell us about you and see how much you could borrow. And don't worry, we'll let you know before the credit check. Need help? You can live chat with us to help you complete the application.

2. Fast approval

You could get unconditional refinance approval the same day you apply. Or conditional approval within 1 business day to help you confidently bid or make an offer for up to 90 days. 

3. Discuss your rate and features with a lender

A dedicated lender will be in touch to go over the finer points of your loan. You’ll have an opportunity to negotiate your rate, as there’s no obligation until you accept your rate and loan offer.

4. On to settlement

Your lender will finalise your loan through to settlement. Accept our loan offer, and that’s it.

Already started an application? Retrieve your application


Everything offset


It’s an everyday bank account linked to a variable home loan that lets you reduce the interest paid on your loan. 

Every day, 100% of the balance in your Westpac transaction offset account is ‘offset’ against the amount owed on your Westpac Rocket Repay Home Loan. As interest is calculated daily and charged monthly, only the net amount (your loan balance minus your offset balance for that day) attracts interest.

Understand our offset account

Things you should know

Conditions, credit criteria, fees and charges apply. Residential lending is not available for Non-Australian Resident borrowers.

This information has been prepared without taking your objectives, needs and overall financial situation into account. For this reason, you should consider the appropriateness of the information and, if necessary, seek appropriate professional advice. This includes any tax consequences arising from any promotions for investors and customers should seek independent advice on any taxation matters.

Key Fact Sheet for Home Loans

This is an estimate of the potential offset savings based on the information provided: your actual savings may differ depending on your situation. Changes in interest rate will affect the calculation. Our lending criteria, and basis upon which we assess what you can afford, may also change at any time without notice.

The output or result of this calculator:

  • Is subject to the assumptions, which are subject to change. 
  • Is prepared without knowing your personal financial circumstances. Before you act on the output of the calculators, please consider if it’s right for you: we recommend that you consult your financial adviser before taking out a loan. If you need more info, please call 1300 786 029.  
  • Doesn’t represent either a quote, pre-qualification for a loan or an offer of credit.
  • Doesn’t include all applicable fees.
  • May not be taken into account if you apply for a loan with us, as we’ll make our own calculations. When assessing ability to service a loan, Westpac may use an interest rate that is higher than the current interest rate for the loan requested.


The interest rates used in the calculator:

  • Are current, as indicated on our home loan interest rate pages
  • Are Westpac's standard interest rates and include any package or promotional discounts
  • Are subject to change.


This mortgage offset calculator offers an estimate of the interest and time you could save by having money in your Westpac offset account, and is based on the info you’ve entered. 


Calculator assumptions 

  • Interest rate. This calculator doesn’t take into account compound interest savings. 
  • Interest and loan term savings. This calculator compares a home loan without an offset account, to a loan linked with an offset account. Total Interest Saved = (Total interest paid on loan without offset) - (Total interest paid on loan with offset). 
  • Extra repayments. Calculator is based on your offset account balance, and doesn’t take into account any extra mortgage repayments you might make to your home loan account. 
  • Weekly, fortnightly or monthly repayments. Your initial loan will be set up as monthly. Weekly and fortnightly repayments are only available with P&I. To calculate these, we multiply your P&I monthly amount by 12 to get a yearly value, then divide either by 26 for fortnightly or 52 for weekly, and round it up.  


*Comparison rate: The comparison rate is based on a loan of $150,000 over the term of 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.


#Premier Advantage Package: Conditions of Use and $395 annual package fee applies. You must either hold or be approved for a Westpac Choice transaction account in order to qualify and continue to receive the benefits of the Premier Advantage Package. Applicants must have a Westpac Choice transaction account linked to the home loan at the time of settlement and must keep this account open for 60 days after settlement. Before deciding to acquire a Westpac Choice account, read the terms and conditions, and consider whether the product is right for you. Tax consequences may arise from this promotion for investors and customers should seek independent advice on any taxation matters.
Premier Advantage Package Conditions of Use (PDF 120KB)


1Monthly $5 offset Westpac Choice account-keeping fee waivers:

  • The account’s linked to our packaged Rocket Repay Home Loan
  • You deposit at least $2,000 each month
  • You're under 30 years old, or a full-time tertiary student
  • You have an Australian Pensioner Concession Card or Health Care Card
  • You’re new to Australia, or an expatriate customer (for the first 12 months).


2Redraw facility: if you have ‘available funds’ (you’ve made extra home loan repayments) and you’ve activated your redraw facility, you’re free to redraw them with no redraw fee. Up to $100k will be available to redraw from your variable loan online or over the phone each day (unlimited in-branch). For fixed loans you can redraw up to your prepayment threshold during your fixed term. Read our Redraw Authority form (PDF 66KB) (PDF 66KB) for full details.

Credit provided by Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.