Bankwest Forum

Ask a new question
Reply
Highlighted
New Member

Offset account

Posted by Tbtb Tbtb
Message 1 of 2 35 Views

Hi there, we have a complete variable homeloan of around $400k with around $35k in our offset account. How can I work out how much interest we are saving per year to evaluate the worth of the offset account? Thanks

Reply
0 Kudos
Moderator

Re: Offset account

Posted by DanaeC DanaeC
Message 2 of 2 31 Views

Hi @Tbtb, thanks for reaching out.

 

If you have a variable home loan, any amount in your Offset Transaction account will offset the accruing interest by 100%. Therefore, if you have $35K in your Offset account, and owe $400K on the loan, you're paying interest on $365K.

 

If you'd like a specific calculation done, you can log in to Online Banking and select "Ask Us" via the Mobile App menu or "Message us Now" from a PC, where our Online Team would be happy to help out with this.

 

Alternatively if you can't access Online Banking, you can give us a buzz on 13 17 19 - both services are available 24/7 for your convenience.

 

Thank you.

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.