Savings & Loans’ Loan Offset account is designed to reduce the term of your Variable Home Loan, by cutting your interest payments. It's a faster way to pay off your home loan.
What is it and how does it work?
The Loan Offset account is linked to your variable home loan. The balance of the offset account effectively offsets the balance of your home loan, helping you to pay it off faster.
Example:
If you have a $100,000 home loan and $5,000 in your Offset account, you would only pay interest on a notional balance of $95,000. That’s $5,000 you don’t have to pay interest on!
Other benefits:
- Competitive interest rates
- Interest is “offset”, usually resulting in no income tax liability
- Account access via our Phone and Internet Banking services
- No need to fill in forms when making deposits or withdrawals
- Option for your pay to automatically be credited to the account
- Access via cheque book or Visa Debit card
If you’re taking out a home loan or want to pay off your current home loan faster, contact us at 13 11 82, or visit your nearest branch.
You may also use our Home Loan Calculator or our Extra Repayments Calculator to help you work out your repayments.
Terms, conditions, fees, charges and lending criteria apply and are available on application.
You should consider our Product Disclosure Statements and other Disclosure Documents. This information and advice is provided without reference to your personal circumstances so you should consider whether this product fits your objectives, financial situation and needs. Contact us on 13 11 82 with any questions, or visit your nearest branch to talk to a consultant.
