 A Mortgage Offset account is simply an at-call savings account linked to your home loan, so you can pay off your home loan faster.
Over time, you'll pay less interest on your home loan, helping you to reduce your loan balance or build your level of equity in the property. The Mortgage Offset account can be linked to any home loan product and provides the following features: - Funds at-call
- Fixed or Variable rate loans
- No account keeping fees
- No minumum deposit or balance
You can access your account in various ways: - Direct Debit
- Direct Credit (payroll)
- Periodical Payments
- Internet Banking
- Phone Banking
- Bpay
- Branch
How does a Mortgage Offset account work? When you deposit funds into your linked Offset account, this amount is deducted from the loan balance before interest is calculated. Therefore, any extra money in your Offset account saves you interest on your home loan - thus shortening the term of your loan. You can offset up to 80% of the outstanding balance on your home loan. For example, if your home loan were $200,000, you could have savings in your Offset Account to the maximum of $160,000. Each Offset account can only be linked to one Home Loan. However, you can have multiple Offset accounts to cater for multiple Home Loans (eg. Fixed & Variable loans). Also, the names on the Mortgage Offset account must match the names on the Home Loan, for joint loans. How to apply for a Mortgage Offset account? In order to have a Mortgage Offset account, you must have an open Orange Credit Union home loan. A Mortgage Offset account can be opened in the following ways: - Download and fax or mail to us
- Apply in person in our branch
For Terms & Conditions for this Mortgage Offset Account, please click here If you would like more information about our Mortgage Offset account, please contact Member Services during business hours on (02) 6362 4466. |