Reduce your interest costs with your 100% offset facility**.
The AFG Home Loans Retro Home Loan comes with an optional 100% offset facility**. The offset facility** is a transactional sub-account linked to your home loan account. When the interest is calculated on your mortgage, you are charged on the balance owing on your home loan minus the balance of your 100% offset facility**.
The offset facility** enables everyday transactions via a linked loan with access to funds available via ATM, EFTPOS, VISA Merchants and internet banking.
- No ongoing service fees for the offset facility**.
- Unlimited free VISA Merchant transactions (where credit is chosen on the point of sale terminal and/or the customer signs for the transaction/purchase).
- 20 free EFTPOS, Internet & Direct Service (External Debits) transactions per calendar month, then 50c per transaction thereafter.
- ATM transaction fees are charged at point of transaction and are unascertainable, however all ATM Transactions conducted via the RediATM network are fee-free to the customer.
Therefore, the higher the balance of your offset facility, the less interest will be charged on your new loan. The AFG Home Loans Retro offset facility comes at no extra cost, with your Retro Home Loan.
Availability of funds in your Offset Facility**
- An offset facility is only available with any variable interest Retro Home Loan/Link Home Loan.
- Limitations on withdrawals may apply in certain circumstances.
- The offset facility** balance may not exceed the loan account balance.
- AFG Home Loans can debit the offset facility with any amounts lent to you or due under your mortgage.
- Please note that having an offset facility** does not automatically give you a right to redraw from that offset facility.
- If you have a redraw facility on your home loan and have made payments into your offset facility above your minimum repayment, you may withdraw those extra payments if:
- You have not arrears or defaulted under your loan agreement;
- The redraw facility has not been suspended or cancelled; and
- No other redraw restrictions apply to your loan contract.
Please talk to your broker about whether this feature is appropriate for you.
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