Victoria Teachers Credit Union


	Home Loans


	Our Home Loans



		Mobile Mortgage Specialist



		Basic Home Loan



		Standard Home Loan



		Offset Home Loan


		Revolving Line of Credit Loan



		Construction Loan



		Bridging Loan

Offset Home Loan

This is a flexible loan that gives you the ability to use your savings to reduce the interest charged on your loan.

Main Features

100% Offset ¹	Yes
Establishment Fees	$600
Administration Fees	$0
Repayment Frequency	W, F, M ²
Additional Repayments Accepted	Yes
Interest Only Available ³	Yes
Redraw Available	Yes
Redraw Fees	$0
Minimum Redraw Amount	$500
Early Repayment Penalty	No
Bonus Loan Protection ⁴	Yes
Maximum Loan Amount	No maximum
Maximum Loan Term	30 Years



		Sandy and Stephen have a reasonable balance in their Savings Account which they like to keep 'at call' for anytime they need it. Their Savings Account¹ is linked to their Offset Home Loan which allows them to reduce the interest on their loan as the savings balance is offset against the Home Loan interest.

Offset Facility
The offset facility is a separate account run in conjunction with the home loan account. With 100% offset, we deduct your Savings Account balance from your Home Loan balance and you only pay interest on the reduced amount. For example, if the amount borrowed is $200,000 and the balance of the offset account is $20,000, interest will only be calculated on $180,000.

Interest
Calculated daily and charged monthly in arrears.

Repayments
• Principal & interest repayments.
• Interest-only repayments are also available for 1, 3 or 5 year terms.

Loan to Value Ratio (LVR)
Maximum 95% of the value of the property (Lenders Mortgage Insurance is required for loans of more than 80% of the value of the property).

Security
First mortgage over owner-occupied or investment property.

Further Information

How Do I Apply?
Applying for your Loan is easy:

•	Download a Home Loan application. Complete the application and return it to the Credit Union by mail, fax or take it to one of our Member Service Centres in Camberwell or Moonee Ponds.

For a list of the documents required to apply for your Loan, download a Loan Documentation Checklist.

To book an appointment with one of our friendly Member Service Consultants, or request an application form, call 1300 654 822.

1. When you link a savings account to an offset facility, you earn no interest under the savings account even if the balance of the savings account exceeds the loan balance.
2. Weekly, fortnightly or monthly repayments.
3. Monthly repayments only.
4. Available to eligible applicants. Conditions apply.

Learn more about other products and services from Victoria Teachers Credit Union.