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FAQ

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Select a category of interest below to find out more.

100% Offset Facility

What is a 100% Offset account?

A 100% Offset account is essentially a home loan and transactional account rolled into one. This makes it easy to manage and provides a 100% offset, helping you to save interest on your loan.

How does a 100% Offset account work?

Consider the example of a customer who has an outstanding loan balance of $400,000 with $20,000 of their own funds in the offset account. They can access the $20,000 via all of the normal methods such as Online Banking, Phone Banking, ATMs and EFTPOS but the interest on the loan is reduced because it is calculated on the net balance of $380,000.

Will I need two account numbers?

No, for your convenience you receive a single account (x-reference) number and can transact entirely via the offset balance.

What types of loan can I have with an offset account?

Offset accounts are only available in conjunction with a term loan – they can not be combined with a line of credit.

I already have a term loan; can I add an offset account?

To add an offset to an existing loan requires a product conversion or refinance into a new 100% Offset Home Loan. Fees may apply.

What happens if the funds in my offset account are greater than my loan balance?

You will not be charged any interest on your loan, however any offset balance that is greater than the loan balance will not earn interest.

Will I receive separate statements for my offset account and loan?

You will receive a single monthly bank statement that splits your account into the balance owing on the traditional loan and the amount of funds you have in your offset, making it easy to see your overall position.

Can I close the offset portion without the loan discharging or discharge my loan but keep the offset?

No, the loan and offset portion must be opened and closed at the same time.

Line of Credit

How does a line of credit work?

A line of credit allows you to transact on your account up to the credit limit via the usual methods such as Online Banking, Phone Banking, ATMs and EFTPOS.

What repayment types are available on a line of credit account?

Line of credit accounts are available as either interest only for 10 years (meaning that your credit limit remains the same during this time) followed by 15 years of principal and interest repayments, or principal and interest for 25 years where your credit limit reduces by the principal portion of each repayment.

Is there a monthly fee for line of credit accounts?

No, however there is an annual line fee which is payable each year for each line of credit loan.

Lo Doc

What is a Lo Doc loan?

A Lo Doc loan (short for low documentation) requires you to sign an income declaration and accountant's verification form, in lieu of providing proof of income. This option is suited to self employed applicants who may not be able to provide full financial documentation.

Can I change from Lo Doc to full doc?

Yes, at any time you can convert your Lo Doc loan to full doc by providing acceptable evidence of income that is within 10% of the original declaration of financial position. A loan variation fee may apply.

Bridging Finance

What if I want to purchase a new property before selling my existing home?

An easy way to do this is by utilising our Go-Between loan. A Go-Between loan offers you an easy way to purchase or build a new home before you sell your existing one. Rather than needing to make two sets of loan repayments while you are selling your existing home, no repayments are required on the new home loan for the Go-Between period.

Repayments

Can I make extra repayments on my loan?

If you have a variable rate loan additional repayments may be made at any time without penalty. For fixed loans, a maximum of $20,000 per annum in excess of normal repayments is permitted, after which break costs may apply.

I’ve made additional repayments, but now want to access these funds, how do I do this?

Additional payments you have made to your term loan account (known as an ahead amount) can be accessed via redraw. Redraw can be done electronically via Online Banking or Express Line free of charge, or manually by sending in a Redraw Withdrawal form (a fee applies).

Are there any penalties if I repay my loan early?

If you discharge your loan within 4 years, a Deferred Establishment fee may apply. If you are on a fixed rate, break costs may also be applicable.

Existing NMMC Loan

I have an NMMC loan and would like to borrow additional funds/make a change to my account. How do I go about this?

If you are an existing NMMC customer, simply contact us on 1800 061 091, or refer to the Existing NMMC Customers tab for additional information.