Offset Facility
The offset facility is a separate account used in conjunction with your home loan account. With 100% offset, we deduct your transaction account balance from your Home Loan balance and you only pay interest on the reduced amount. For example, if the amount borrowed is $200,000 and the balance of the offset account is $20,000, interest will only be calculated on $180,000.2
Repayments
Principal & interest repayments.
Loan to Value Ratio (LVR)
Lenders Mortgage Insurance (LMI) is only required if the loan exceeds 80% of the property value or 85% for Premier Package Home Loan holders where approval conditions are met. These conditions include applicants to be employed in the Education or Healthcare sector, owner occupied only, no equity release with refinanced loans, no off the plan or construction loans, standard security types, some postcode restrictions apply. LMI protects the lender. Loans of up to 95% Loan to Value Ratio (LVR) can be approved, subject to meeting LMI approval conditions and may be extended to 98% inclusive of LMI fee capitalisation for First Home Buyers.
Security
First mortgage over owner occupied or investment property (not available for commercial properties).