An offset home loan package is a home loan with fully transactional offset accounts, optional credit card (subject to credit approval) and one fee free variation each year.
An offset account linked to a home loan account offers the same flexibility of an everyday transaction account and is linked to a Debit Mastercard.
Important notes about offset accounts:
- At origination, it is mandatory to establish a variable loan account on an offset home loan, 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 after settlement.
- Offset benefits will be provided up to the balance on the linked loan account. If an offset account has a higher balance than the linked loan account, additional benefits will not be received.
- No interest is earned on the balance in the offset account.
- If your client requests a full discharge, offset benefits will cease from the day Macquarie creates a payout figure.
- If your client requests a partial discharge, offset benefits may cease from the day Macquarie creates a payout figure.
- For each individual offset account linked to a loan account, there can’t be an account holder who is not an account holder on the loan account.
Your client can apply for a Macquarie Black or Platinum credit card as part of their home loan offset package and earn Macquarie Rewards points on eligible purchases. Credit cards that are bundled with an offset home loan have their annual fee waived for the life of the loan.