Regional Australia Bank Offset Loan

Features

Regional Australia Bank’s Mortgage Offset Loan offers a flexible number of offset savings accounts to help borrowers pay off their mortgage quickly. The loan offers up to eight offset savings accounts, all of which provide an offset towards the loan of 100 per cent. This means that the amount of savings in the account will be deducted from the loan for the purposes of calculating interest. The result helps borrowers to pay off their loan sooner, while the option to have up to eight different offset accounts provides flexibility.

The linked offset accounts operate as transaction accounts as required. The combination of the multiple offset accounts and redraw facility gives borrowers a lot of control over how they manage their offset savings.

The loan also offers flexible payment options, which allows borrowers to make repayments on a weekly, monthly, or fortnightly basis. This allows the loan to accommodate a number of different income types. Additional repayments are also permitted, which gives borrowers further control over how they manage their payments.

Who is the Regional Australia Bank Offset Loan good for?

The Offset Loan suits owner-occupiers who want to refinance quickly. The combination of additional repayments and a flexible system of offset accounts allows them to manage their savings as usual, with the knowledge that all of their transaction and savings accounts offset the interest on their home loan.

Review - What RateCity says

The Community Mutual Group Mortgage Offset Loan provides a flexible offset arrangement with additional repayments and a redraw facility. Its lack of significant ongoing fees and flexible payment options make it an appealing loan for owner-occupiers and families looking to refinance quickly.

Borrowers can use the multiple offset accounts to manage all of their finances and have the freedom to make additional repayments whenever necessary. It lacks some features that might be desirable in investment loans, but may be suitable for borrowers looking for flexibility.

Regional Australia Bank Offset Loan Options

The Community Mutual Group Mortgage Offset Loan offers a several linked mortgage offset accounts to help borrowers pay down their loan quickly. 

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Variable Rates from

4.87%

Advertised rate

4.89%

Comparison rate
Pros
  • Eight linked offset accounts.
  • Additional repayments allowed.
  • Redraw facility.
Cons
  • Variable rate only.
  • No interest only payments.
  • Some upfront fees.
Eligibility

Australian Resident.

Adequate income as determined by the lender.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $250.00
  • Discharge fees: $250
  • Ongoing fees: $0

The Regional Australia Bank Offset Loan has no ongoing fees, but moderate upfront fees. A discharge fee is payable upon termination of the loan.

Various other fees may apply on a case by case basis, and borrowers with a deposit of less than 20 per cent are required to pay lenders mortgage insurance.

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

The Regional Australia Bank is based in the New England, North West, Upper Hunter, and Dubbo regions of New South Wales, and is the largest inland credit union in Australia.

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