Managing your home loan can seem overwhelming, especially with changing interest rates. Whether you're reviewing your options or exploring new features, Health Professionals Bank is here to make it easier for you to take control of your loan.
Offset Account
An offset account is a simple yet effective way to save on your home loan interest. It links directly to your loan, reducing the amount of interest you pay by offsetting your loan balance with the funds in your account.
Key Features:
- Interest savings: Lower your interest payments every month.
- Flexibility: Use it as an everyday transaction account for bills and shopping.
- Convenience: Easily access your funds while reducing your interest.
Example: If your loan balance is $350,000 and you have $15,000 in your offset account, you’ll only pay interest on $335,000. This can result in substantial savings over time.
Redraw Facility
A redraw facility allows you to make extra repayments on your loan, helping you get ahead and save on interest. Unlike an offset account, these funds aren’t immediately accessible but can be withdrawn when needed.
Advantages of a Redraw Facility:
- Pay less interest: Extra repayments reduce the loan principal.
- Emergency access: Withdraw extra repayments for unexpected expenses.
- Flexible goals: Accelerate your loan repayment timeline.
Example: Paying $500 extra per month on a $400,000 loan could help you save thousands in interest and shorten your loan term.
See how much you can save
Use our offset calculator by simply entering your loan details and offset balance to see your potential savings.
