The new feature is a component of Westpac’s UNITE programme, which focuses on simplifying business and technology. Credit: Rose Marinelli/Shutterstock.

Australian banking major Westpac is allowing its home loan customers to open multiple offset accounts, without incurring extra fees.

Through the move, the bank aims to offer more flexibility in finance management.

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This initiative comes amid a rise in the use of offset accounts by Westpac customers, with the bank reporting a 37% growth in the number of offset accounts opened in the past five years.

The new feature is part of Westpac’s UNITE programme, aimed at business and technology simplification. This programme strives to deliver consistent features across all customer products.

St.George, Bank of Melbourne, and BankSA, all part of the Westpac group, already offer multiple offset accounts to their customers.

Lenders and brokers can request the new multiple offset accounts on behalf of eligible customers.

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From March, customers with an eligible home loan will have the ability to manage their offset accounts online through the Westpac app or by visiting a branch or calling Westpac directly.

The bank’s research indicates that 71% of Australians with an offset account linked to their mortgage utilise it to diminish their home loan interest.

Westpac mortgages managing director Damien MacRae said: “With interest rates top of mind for Australians, we know many customers are thinking about how to get ahead on their home loan.

“An offset account is an everyday bank account linked to your home loan, where every dollar in your account reduces, or offsets, the interest you pay.”

Besides, Westpac provides various tools to assist customers with their mortgage and personal finance management.

These tools include a budget planning tool within the Westpac App and a home loan offset calculator, which helps customers estimate potential savings on home loan interest and term.

In December 2024, Westpac New Zealand made headlines for admitting to deceptive claims that resulted in NZ$6.35m ($3.59m) of customer overcharges.