Horizon Bank Mortgage Breaker Loan


The Mortgage Breaker Loan from Horizon Bank offers a 100 per cent offset account as its main feature. This account works like a savings account in that the balance is offset against the balance of your loan, reducing the interest charged on your loan.

Another option to save money and pay off your loan early is by making penalty-free additional repayments. And, if you need to access these funds, you can redraw your early repayments through the redraw facility.

You can also tailor your regular repayments to suit your income cycle by making them weekly, fortnightly or monthly.

This loan is portable, which means you can take this loan with you if you move homes or switch investment properties.

Both investors and owner-occupiers only have to put a small deposit of five per cent down to qualify for the Mortgage Breaker Loan. Although, if you have less than 20 per cent deposit you will have to pay lender’s mortgage insurance and it’s a good idea to calculate this and factor it into your costs before you sign the dotted line.

Also, it is worth estimating how much interest you’ll be paying throughout the life of your loan since the variable rate offered is in moderately high range for owner-occupied properties and higher again for investment properties.

Who is the Horizon Bank Mortgage Breaker Loan good for?

The Mortgage Breaker Loan is available for owner-occupied and investment properties. The flexible ways to repay this loan means that it could suit a range of different borrowers.

However, you must be a member of Horizon Bank in order to be eligible or meet the eligibility criteria and become a member before you can take out this home loan.

Review - What RateCity says

The Horizon Credit Union Mortgage Breaker Loan includes some worthwhile features including an offset account, redraw facility, portability option and a variety of payment cycles. There are some notable downsides to this loan however, including the higher interest rates and moderately high fees.

There is also limited branch access and you must be a member of Horizon Credit Union so make sure this loan ticks all of your boxes before deciding it’s the most suitable option for you.

Horizon Bank Mortgage Breaker Loan Options

Read more about the Horizon Bank Mortgage Breaker Loan by clicking the link below.

1 - 2 of 2
Advertised rate
Comparison rate*
Monthly repayment
Go To Site

More details


More details

Variable Rates from


Advertised rate


Comparison rate
  • 100 per cent offset account.
  • Early repayments and redraws allowed.
  • Lump sum repayments.
  • Moderately high variable interest rates.
  • Moderate upfront cost.
  • Ongoing and discharge fees.

Must be a member of Horizon Bank. Must be an Australian citizen. Must be over 18 years of age.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
  • Estimated upfront fees: $250.00
  • Discharge fees: $250
  • Ongoing fees: $150 annually

The Mortgage Breaker Loan does have upfront fees and a discharge fee that you will need to pay at the end of the loan. It also has ongoing fees which can add up over the life of a 20 or 30 year loan.

  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Horizon Bank

Horizon Bank is owned by its members, meaning that any profits the bank turns over are passed back to members, rather than to shareholders. Being a member means you have a right to vote on changes within the bank to better suit your needs. Horizon Bank has branches in the Illawarra region and south coast of New South Wales, plus you can access services over the phone and online.

Compare your product with the big 4 banks, or add more products to compare
As seen on