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Home loan offset accounts

Owning your own home is a huge milestone, so it’s no wonder we would want to reduce the time it takes to pay off a home loan and minimise interest payments as much as possible.

Westpac offset allows you to offset the balance of your eligible transaction account against the balance of your Rocket Loan. This means you only have to pay interest on the difference between these account balances, which could save you interest payments and help reduce the life of your home loan.

We’ve put together a brochure on offset for you: Offset brochure (PDF 88KB)

Key benefits of offset

  • Up to 100% interest offset to help you save on interest payments and reduce the life of your home loan
  • All the flexibility of an everyday transaction account including:
    • Unlimited 24/7 access to Westpac Online and Mobile Banking
    • No ATM withdrawal fee at over 3000 ATMs in Australia and NZ and over 50,000 ATMs worldwide1
    • Use the mobile banking Get Cash facility at Westpac ATMs to access cash from your offset account without your Debit Card2
    • ‘Tap and pay’ direct from your offset account using a compatible Samsung handset3
  • Your home loan and transaction accounts stay separate, giving you flexibility to access and manage your money to suit your needs
  • No minimum balance, so any funds in your offset account will help to reduce your interest payments.

How Offset work

Linking a Westpac Choice transaction account to your Rocket Loan allows you to reduce the amount of interest you pay on your home loan. This means that where a $300,000 home loan is linked to a Choice account with a $50,000 balance, the amount on which the home loan interest is calculated is reduced to $250,000. Your repayment amount will remain the same, meaning more of your repayment goes towards paying off the principal.

We’ve made Offset easy to manage via Online Banking

Once you have offset set up, you can manage your accounts easily, whether it is to link, de-link or change the Choice account you offset your Rocket Loan against, all via Online Banking.

How to set up an offset account

Setting up an offset account is easy - there is just a couple of things to do if you don't already have an eligible transaction account:

Step 1

Open a Choice account. You can do this in less than 5 minutes online. You just need to make sure to open the Choice account in the same name, or names, as your Rocket Loan.

Open a choice account now

Step 2

Online Banking Registered Customers.

If you already have Online Banking set up, simply log in and link your Choice account to your Rocket Loan via the following two options:

  1. Click on your Home Loan Account tile under Your Accounts and in the Account actions section, select Offset account settings.
  2. Alternatively, navigate to Services & Preferences and select Services. Then select Home loan offset settings.

Need to register for Online Banking? No problem.

Registering for Online Banking is easy and will only take a few minutes. Online Banking gives you more power to manage your loan more easily. Get started here.

Alternatively, call us on 132 032. We are here to help.

Other tools

Things you should know

Westpac Emergency Cash and Westpac Get Cash - Terms and Conditions (PDF 91KB)

Offset is available on a Rocket Repay Home Loan or a Rocket Investment Loan. The same offset transaction account cannot be linked to multiple Rocket Loans. The linked offset transaction account must be in the same name(s) as the loan. Only one offset transaction account can be linked to each Rocket Loan. Terms and Conditions available on request. This information does not take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it. Read the Terms and Conditions before deciding. Unless otherwise specified, the products and services described on this website are available only in Australia from Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.

Before making a decision about any of our products or services, please read all the terms and conditions. Fees and charges apply and may change.

  1.  A 3% Westpac Foreign Transaction Fee applies to overseas debit or credit card withdrawals. A 2% cash advance fee applies to credit card withdrawals where the "Credit" option is selected. A list of Global Alliance members is available at Excludes American Express® cards. It is important to know that the functionality to withdraw money from a linked Westpac account via Credit Card is not available when using overseas ATMs, including Global Alliance ATMs. To ensure access to Savings and or Cheque account funds when overseas please speak to us about obtaining a Debit Mastercard®.
  2. Eligibility criteria apply. Get up to $500 per day and a maximum of $1,000 per week.
  3. Compatible mobile devices include Samsung Galaxy S5, S4 or Note 3 (N9005 model). Internet connection is needed to access Westpac Mobile Banking and to set up payment features. An eligible Westpac Mastercard® or Visa card is required. The mobile app terms and conditions apply. Normal mobile data charges apply.

Mastercard® and the Mastercard Brand Mark are registered trademarks of Mastercard International Incorporated. American Express is a trademark of American Express. Samsung, Galaxy S and Galaxy Note are trademarks of Samsung Electronics Co. Ltd. Android is a trademark of Google Inc. Google Play is a trademark of Google Inc.