Home Loan

This account is linked to your Community First eligible home loan. Any money in your offset account is deducted from your outstanding loan balance before interest is calculated. This means that any extra money in your account can save you interest on your loan, so you could pay off your loan sooner.

Features and benefits

  • This is a 100% offset account
  • Can be linked to fixed rate home loans 
  • Can be linked to your home loan to help reduce the interest you pay
  • It is also free. There is no monthly loan service fee associated with keeping a 100% Offset account

How does an offset account reduce interest?

Simply deposit your salary into the 100% Offset account and any money in the 100% Offset account is deducted from your loan balance before interest is calculated. Therefore any extra money in your transaction account saves you interest on your loan, thus shortening the term of your loan.

 

Here's an example...
 

If you have a $100,000 home loan and $5,000 in your 100% Offset account, you would only pay interest on a notional balance of $95,000. That’s $5,000 you don’t have to pay interest on! A 100% Offset account with Community First is different. For a start we allow this account to be used with our fixed rate home loans, unlike many other lenders in Australia! It is also free. There is no monthly loan service fee associated with keeping a 100% Offset account.

 

How to apply
You can choose to apply online, over the phone, or by visiting one of our Financial Services Stores.
Features and benefits
  • This is a 100% offset account
  • Can be linked to fixed rate home loans 
  • Can be linked to your home loan to help reduce the interest you pay
  • It is also free. There is no monthly loan service fee associated with keeping a 100% Offset account
How does an offset account reduce interest?

Simply deposit your salary into the 100% Offset account and any money in the 100% Offset account is deducted from your loan balance before interest is calculated. Therefore any extra money in your transaction account saves you interest on your loan, thus shortening the term of your loan.

 

Here's an example...
 

If you have a $100,000 home loan and $5,000 in your 100% Offset account, you would only pay interest on a notional balance of $95,000. That’s $5,000 you don’t have to pay interest on! A 100% Offset account with Community First is different. For a start we allow this account to be used with our fixed rate home loans, unlike many other lenders in Australia! It is also free. There is no monthly loan service fee associated with keeping a 100% Offset account.

 

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