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Offset Loans
Pioneer's offset home loans help you to reduce the amount of interest you pay on your home loan, enabling you to pay off your home loan faster.
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An offset account is a separate savings account attached to your home loan. The interest rate on the offset account is the same as the interest rate on the home loan. Any money in the offset account is offset against the balance of the home loan, reducing the amount of interest charged to your loan.
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How Pioneer's Offset loans can work for you:
- Example: You have a home loan of $200,000 and a balance of $7,000 in your offset account. Interest is calculated on $193,000, instead of $200,000.
- No ongoing fees. Pioneer's offset home loans have no ongoing monthly or annual fees.
- Construction. It is possible to have a 100% offset facility during construction.
- Card Access. You will receive a Cashcard for easy and convenient access to the funds you have in the offset account using ATM's + EFTPOS.
- LVR up to 95% plus capitalise the Mortgage Insurance. Our Term Loan allows you to borrow up to 95% of your property value PLUS you have the option of capitalising the mortgage insurance premium on top of this amount. Note: Where LVR exceeds 90% loan must be Principal & Interest repayments, Owner Occupied security and for a purchase only.
- Principal and Interest or Interest Only repayment structures. Put simply, you can choose whether initially you would like to repay just the interest on the amount you borrow or installments of the amount you borrowed plus interest. Paying back the loan on an interest only basis is a popular option for investors. Pioneer's range of term loans allow up to a maximum period of 10 years for interest only repayments.
- Dynamic Repayment structure. Reduce your minimum monthly repayments on your Principal & Interest loan with this feature. By having a Dynamic Repayment structure your loan is amortized on a monthly basis, based on the loan balance at the time. This means that any additional payments made to your loan will be used to reduce the regular Principal & Interest repayment amount.
- Fixed or variable interest rates. A fixed interest rate helps with budgeting and gives you the security of knowing exactly how much your repayments will be each month as the rate is fixed for a set period of time. A variable interest rate can fluctuate at any given stage throughout the life of your loan, which means that your minimum required repayment will also fluctuate.
- Internet and Phone Banking. We know that managing repayments shouldn't take up your life so our internet and phone banking facilities are available 24 hours a day to save you time and hassle. All Internet banking transactions are also free of charge, including BPAY and Pay Anyone facilities.
- Split loan. If you like the idea of the potential savings of a variable interest rate but would like the security of a fixed rate you can split your loan into fixed and variable rate portions.
- NZ & Non-Resident Applicants are ok. You don't need to be an Aussie to get a Pioneer loan, however LVR restrictions may apply if you are considered a Non-Resident borrower.
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