Money

Saving For A House Deposit? Get An Extra Leg Up With A Bonus Savings Interest Rate Offer

It’s a real slog putting together that first bunch of savings for your house deposit. Years of siphoning off chunks of your pay cheque, sacrificing those morning coffees and sticking to a budget takes time, and a lot of effort – we get it. Did you know there are ways to make it easier, and to make your money work harder for you?

Your interest rate

Something you might not have paid much attention to in the past is the interest rate you receive on your savings. It’s basically a sum the bank pays you for keeping your money with them. Generally the higher your savings, the more they pay you.

There are different accounts with different features and interest rates. Some accounts offer unlimited access and usually have low interest rates, because they’re not designed for growing your savings, just for holding your day-to-day cash. Others have higher interest rates, but you can’t access the funds in them as easily, or maybe you sacrifice your interest if you do dive in and withdraw sooner than later.

Putting your house deposit in one of these higher-interest-earning accounts could help your money earn more.

Earn bonus interest

Westpac Life is here to help! It’s a savings account that’s built to help you set up and achieve your goals.

At the moment with a Westpac Life Account, you’ll get an additional 0.20% p.a. fixed bonus interest on your savings during the offer period when you add a new “home and property” goal. And that’s on top of the current bonus interest that’s always available on Westpac Life accounts. Sweet!

Sure, it might be a little bleh to have to think about things like interest rates, but when you can earn extra moolah, it’s worth it. And it might just make putting together that out-of-reach house deposit that little bit easier.

Find out more about a Westpac Life account and how to get your additional bonus savings interest now by adding your “home and property” savings goal. Westpac Life is here to help! It’s the savings account that gets you.


This information does not take into account your personal circumstances and is general in nature. It is intended as an overview only and it should not be considered a comprehensive statement on any matter or relied upon as such.

To open a Westpac Life account, you must be registered for Online Banking and hold a Westpac everyday account in the same name. Fees and charges may apply on the everyday account. Read the terms and conditions at westpac.com.au before making a decision and consider whether the products are appropriate for you.

© Westpac Banking Corporation ABN 33 007 457 141 AFSL and Australian credit licence 233714.