An Offset Home Loan Facility is a home loan with fully transactional offset accounts, and an optional credit card (subject to credit approval).
An offset account is linked to a home loan account and offers the same flexibility of an everyday transaction account and is linked to a Debit Mastercard.
There is a $248 annual fee associated with this product.
Important notes about offset accounts:
- An Offset Home Loan Facility must have at least one variable loan account with a minimum loan size of $20,000.
- The offset account is set up and available to use once your client has signed and returned their loan documentation. The offset benefits will commence once the offset account is linked to a home loan account after settlement.
- Offset benefits will be provided up to the balance on the linked loan account. If the offset account balance is greater than the linked loan account balance, no offset benefits will be received on the excess amount.
- No interest is earned on the balance in the offset account.
- If your client requests a full discharge, offset benefits will generally cease up to four business days prior to the discharge date when the account is converted to a transaction account.
- If your client requests a partial discharge, offset benefits may cease up to four days prior to the discharge date.
- The account holder of each individual offset account must also be an account holder on the linked loan account.
Your client can apply for a Macquarie Black or Platinum credit card as part of their Offset Home Loan Facility and earn Macquarie Rewards points on eligible purchases. Credit cards that are bundled with an Offset Home Loan Facility have their annual fee waived whilst the offset home loan product is held.