Navigating your home loan can feel challenging, especially when interest rates fluctuate. Whether you’re coming off a fixed rate, adjusting to changes in variable rates, or simply reviewing your options, UniBank is here to help. Our goal is to make managing your home loan simple and suited to your needs.
Offset Account
An offset account is a deposit account linked to your home loan. The balance in this account reduces the amount of interest you pay, making it a powerful tool for managing your loan effectively.
Benefits of an Offset Account:
- Lower interest costs: Interest is calculated on your loan balance minus the funds in your offset account.
- Easy access: Use it as a transaction account for everyday expenses.
- Financial flexibility: Save on interest while maintaining access to your money.
Example: With $20,000 in your offset account and a $400,000 loan, you’ll only pay interest on $380,000—a substantial saving over time.
Redraw Facility
A redraw facility allows you to make additional repayments on your home loan and access those extra funds later if needed. It’s a great way to stay ahead financially while keeping a safety net for unexpected costs.
Benefits of a Redraw Facility:
- Reduce your principal: Pay less interest over the life of your loan.
- Accessible savings: Withdraw extra repayments when required.
- Future-proof your finances: Manage unexpected expenses like medical bills or car repairs.
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.
