BSB 802-396

We’re here to help banking simple by busting some of the lingo.

Split loans
You can choose to put part of your loan into a fixed interest rate and apply the variable interest rate to the remaining part of the loan.
Variable
The interest rate you pay on your loan is reliant on the market and can fluctuate as the market changes.
Fixed
Your home loan is locked into a rate for a term set with the Credit Union, which will be between 1-5 years.
Redraw
You can decide to make extra payments on your loan and also have the ability to access these funds if you need to. 
Offset account
An account that’s attached to your home loan. The balance of your offset account is deducted from your home loan balance before the interest is calculated.