Advantage Plus 100% Offset Loan
 Our Advantage Plus 100% Offset Loan puts you in control.
It combines a fully featured home loan with all the benefits of a 100% offset account and lets you see at a glance what you owe and what you own because the offset balance is shown separately.
The best part is that interest charges are calculated by applying the interest rate to the net balance (loan amount less offset balance) each day.
How Does It Work?
Austral’s Advantage Plus 100% Offset Loan is a simple loan account with easy to read monthly statements and Online Account Management summary.
The loan is split into two separate portions. One shows traditional home loan details - how much you owe, while the other separates the offset balance showing how much you have in the offset account.
You will receive one account number and transact entirely via the offset portion, which is fully transactional.
It doesn’t matter whether you have a standard variable interest rate or a fixed interest rate, interest is first calculated on the offset balance using the interest rate applicable to the loan and that amount is then deducted from the amount of interest calculated on the loan balance.
That’s 100% Offset 100% of the time. You can deposit all your income into the Offset Account and simply access your funds by using Online and Phone Account Management systems, ATM’s and EFTPOS facilities.
Benefits of the Offset Account
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The Offset benefit works by reducing the interest charge on the loan balance by the equivalent amount of interest accrued on the offset balance on any given day.
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As the repayment amount on the loan balance is not impacted by the Offset benefit, the outstanding balance on the loan has the potential to reduce at a greater rate than a standard term.
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With Advantage Plus 100% Offset Loan you can save on account keeping fees generally charged by most banks.
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Product Features at a Glance
Minimum Loan Amount
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$50,000 |
Maximum Loan Amount
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$5,000,000 |
| Maximum LVR |
90% (plus Mortgage Insurance Premium) on Owner Occupied and Investment purchases P & I Accounts Only
80% on Interest Only accounts
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| Loan Terms up to |
30 years
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| Interest Only up to |
10 years
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Fixed Rate options for up to
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5 years
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Split Loans Available
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No ongoing Fees & Charges
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Online & Telephone Account Management System
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Direct Debit
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Direct Salary Crediting
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Monthly Loan Statements
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Ability to switch between variable and fixed intereset rates (fee applies)
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Unrestricted Additional Repayments
(Fixed Rate - term portion max. $20,000 p.a. above normal repayments without break cost penalty).
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Unlimited excess repayments can be paid into the offset account without penalty even when fixed. |
2nd Mortgage over supporting property may be considered
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Loan is portable to another security property
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