FHB Advantage 100% Offset
Austral’s FHB Advantage Plus Home Loan with 100% Offset (for First Home Buyers who qualify for a First Home Buyer Grant in their State)
Our FHB Advantage Plus 100% Offset home loan is a tailored loan for FHBs who qualify for First Homebuyer Grants.
The 100% Offset makes your savings and income work better for you by reducing the monthly interest on your mortgage. An offset account can save you significant interest and reduce your loan term.
Unique Features of Austral's FHB 100% Offset
- Our 100% Offset account is available while you are in variable or fixed rate
Most lenders only offer their borrowers a 100% offset savings account with their variable rate home loans. If fixed rates are low and borrowers wants to lock in the rate the benefits of the offset are effectively cancelled.
- While in fixed rate Austral’s Advantage Plus 100% Offset Home Loan still allows you to repay up to $20,000 p.a. without any breakcost penalty applying.
Once in fixed rate the major banks generally do not allow you to make additional lump sum repayments of principal unless you pay a break cost penalty on the amount repaid.
- Austral’s Advantage Plus 100% Offset Home Loan does not require a rate lock fee provided you settle within 60 days of the date the loan is approved
Most lenders including the major banks require a rate lock fee to hold the fixed rate from the time your loan is approved until it settles.
- Austral’s Advantage Plus 100% Offset Home Loan offers the same low rates of interest and all the features of our loan products during a construction period
Most lenders do not offer fixed rates, redraw of offset accounts during the construction period of a home (e.g. in house and land package purchases) and often seek a higher interest rate pending completion of the new home.
- Austral’s Advantage Plus 100% Offset Home Loan is available to purchasers of vacant residential land without any conditions as to commencement date of construction
Most Lenders require a commitment from borrowers purchasing vacant residential land, to commence construction within 12 months.
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