Bankwest Forum

Ask a new question
Reply
New Member
SOLVED
Accepted Solution

Amount available

Posted by Davew Davew
Message 1 of 4 1,599 Views

Hi

i have a complete variable home loan and an offset transaction account. On my home loan account it says I have an available balance. What is this? Is it interest earned on the account? How can I use it?

Reply
0 Kudos
Moderator
SOLUTION

Re: Amount available

Posted by LyndsC LyndsC
Message 2 of 4 1,560 Views

Hi @Davew, thanks for contacting us in regards to this. Whilst interest is not earned on a home loan, any amount showing as available is assisting to reduce the amount of interest you are paying. An available balance is any amount you have paid into the loan, over and above your required minimum monthly amount. As long as the minimum monthly repayment amount is showing as available in full by the monthly due date, you can request to access any remaining funds should you want to. Hope this helps Smiley Happy

Was this helpful? Then give it 'Kudos'!

If your question was answered, select 'Accept as Solution' to make it easier for others to find.

Reply
0 Kudos
New Member

Re: Amount available

Posted by Darali Darali
Message 3 of 4 839 Views

Hi

Could I ask the Bank to reduce my balance taking the amount available?

I mean instead of having available for my use I prefer to reduce my loan

 

Tia

Reply
0 Kudos
Moderator

Re: Amount available

Posted by DanaeC DanaeC
Message 4 of 4 838 Views

Hi @Darali, this is certainly an option.

 

Your request does need to be in writing, and must contain the below information:
 

- Customer names (for all account holders)
- Loan account number
- Reduction amount or new limit (e.g. Reduce the limit on our loan by $50,000 or Reduce the limit on our loan to $200,000)
- All account holder signatures
 

This will need to be sent via Fax to 1300 130 885, or via post to PO Box E237 Perth, 6841 marked 'Attention HLT, Returns and CMS Team'. There is then a 10 business day turn around time for this to be actioned.

 

Hope this helps!

Was this helpful? Then give it 'Kudos'!

If your question was answered, select 'Accept as Solution' to make it easier for others to find.

Reply
0 Kudos
Ask a new question
Top kudoed contributors

Bankwest SWIFT code: BKWAAU6P | Find your BSB by logging into Online Banking
© 2018 Copyright Bankwest, a division of Commonwealth Bank of Australia (Bankwest) ABN 48 123 123 124 AFSL / Australian credit licence 234945. All rights reserved. To use this Website, you are required to read the Financial Services Guide (which you agree to be provided by accessing the link). Bankwest is a division of Commonwealth Bank of Australia, which is the product issuer unless otherwise stated. Rates stated are subject to change without notice. Any advice given does not take into account your objectives, financial situation or needs so please consider whether it is appropriate for you. For deposit and payment products, please ensure you read and consider the Product Disclosure Statement (which you agree to be provided through this link) before making any decision about the product(s). For lending products, lending criteria and fees and charges apply. Terms and conditions apply and are available on request.