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Loan Types
Mortgage Express
Want a Loan that allows your Savings to be Offset Against your Loan Balance?
Want the Convenience of one Account for your Home Loan and your Pay?
Want a loan with Unrestricted and Unlimited Redraws?
Then you need our Mortgage Express Loan!
What is Mortgage Express?
Mortgage Express is an All-in-One Home Loan Product. Your savings and your Home Loan are combined into the one convenient account.
It's designed to get any spare savings you have working as hard as possible to save interest on your loan and reduce your loan term.
Mortgage Express Lets You:
- Use your savings as a 100% offset against the balance of your loan to save you interest and reduce your loan term.
- Deposit your salary directly into your Home Loan.
- Make unlimited redraws through ATM's, EFTPOS, Phone Banking, Greater Branch network, BPAY ®, Internet Banking and Chequebook.
How does Mortgage Express Work?
When your Mortgage Express Loan is approved, we can arrange for your wages to be deposited directly to your home loan account and any spare savings you have to be transferred to it.
When those funds are deposited they immediately reduce the balance of your loan. Since interest is calculated on a daily basis, this will reduce the amount that interest is calculated on.
Rather than those funds sitting in a normal savings account earning you little or no interest, they're now working for you in saving interest and reducing your loan term. You're also not paying income tax on the interest it may have been earning for you previously.
As you make withdrawals and further deposits, your loan balance and your savings balance will fluctuate. You just need to ensure that your savings at least cover the amount of your minimum repayment each month. Anything left in the loan over and above that amount is maximising the amount of loan interest you can save.
It's no different to any loan in that you need to make extra repayments to repay it quicker (i.e. leave extra money sitting in the loan), however some people find it easier to leave excess money sitting in their loan than if they were operating a savings account in conjunction with it.
If you want to find out the savings which may be made on your Home Loan, please use our Mortgage Express Loan Simulator.
You will be prompted to enter your income details and your estimated monthly living expenses. The difference between your income and your living expenses will be the amount that you'll have sitting in the loan each month. With that information, our Simulator will be able to tell you approximately how many years your home loan will take to repay and the interest you will save over the term of your loan based on the information you have entered.