Horizon Bank Classic Home Loan

Features

The Horizon Bank Classic Home Loan gives borrowers a number of features to allow them to some control over how they manage their home loan. These include an offset account and redraw facility. 

Borrowers are able to make additional repayments at any time over the course of the loan. These repayments are supported by the redraw facility, which allows borrowers to redraw any funds put towards repayments that may be needed elsewhere, allowing borrowers to manage their finances more easily.

The loan also provides a 100 per cent offset account, which lets borrowers deposit savings into an account that directly reduces the interest paid on the loan. In combination with additional repayments, this could help borrowers to pay off their loan even more quickly.

Who is the Horizon Bank Classic Home Loan good for?

The Horizon Bank Classic Home Loan suits borrowers looking for a simple and easy to manage loan that provides them with a number of options for managing their finances. The combination of additional repayments and a 100 per cent offset account gives borrowers a number of options around when and how they pay off their loan. 

Review - What RateCity says

The Horizon Bank Classic Home Loan gives borrowers flexibility in terms of repayments, and does not charge ongoing fees.

Borrowers who want repayment flexibility may be attracted to this loan for its offset account and redraw facility. It compensates for the lack of ongoing fees and flexibility, however, by charging a higher variable interest rate than borrowers may be able to elsewhere. Its variable rate is in the high to very high range for its category and its upfront fees are moderate.

Horizon Bank Classic Home Loan Options

The Horizon Bank Classic Home Loan provides a range of options to suit a variety of borrowers’ needs.

Pros
  • 100 per cent offset account.
  • Additional repayments.
  • No ongoing fees.
Cons
  • High rate of interest.
  • Upfront fees.
  • Not portable.
Eligibility

Australian resident.

At least 18 years of age.

Minimum deposit.

Proof of income.

About Horizon Bank

Horizon Bank was founded in Illawarra in 1964, and has been providing a range of financial services to its members ever since. It has been affiliated with the New South Wales Credit Union League since 1965.

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