Take things up a notch
Designed for those who want a little extra from their mortgage. Not only do you get greater flexibility on repayments to suit your financial lifestyle, but you’ll also benefit from a higher level of personalised assistance throughout the entire loan process.
With an offset account to help reduce your interest, plus the option of a credit card with no annual fee for the duration of the loan, take things up a notch with Summerland Bank’s Premium Home Loan.
5.99% p.a.
Variable rate2
Maintain flexibility with a competitive variable rate. A premium variable rate is a smart option for people who want to manage their finances better and have some room for fluctuations.
6.36% p.a.
Comparison rate3
Giving you a more accurate picture of the true cost of a loan, including any fees, rates and costs. Now you can easily compare products side by side to choose what’s best for you.
Why a Premium Home Loan?
All the bells and whistles. Available for both owner occupied and investment purposes.
A Credit card
With no annual fees
An offset accounts
To reduce your interest
Fast approval process
And pre-approval available
No hidden fees
And a low one-time annual fee
Pay off sooner
With no penalties
Long loan term
Maximum 30 years
Repayment flexibility
And redraw options
Check with our calculators
Access all our calculators here.
Frequently asked questions
What is an offset account?
An offset account is a bank account linked to your home loan. The balance in this account offsets the amount you owe, so you only pay interest on the difference between your loan balance and the amount in your offset account. You can use an offset account like a regular transaction account, making deposits and withdrawals as needed.
How do I get an offset account?
At Summerland Bank, our Premium Home Loan includes an offset account feature. To learn more, speak with our friendly lenders by calling 1300 728 728, or visit one of our branches.
What are advantages of having an offset account?
- Interest Savings: The primary advantage is reducing the amount of interest you pay on your home loan. The balance in your offset account is subtracted from your loan balance, so you only pay interest on the difference.
- Faster Loan Repayment: By paying less interest, you can potentially pay off your home loan faster.
- Tax Benefits: The money in your offset account doesn’t earn interest, so it’s not considered taxable income.
- Flexibility: You can deposit and withdraw money from your offset account as needed, just like a regular transaction amount.
What is the difference between an offset account and a redraw facility?
Both an offset account and a redraw facility help reduce the interest you pay on your home loan and enable you to pay off your loan faster.
An offset account is a transaction account linked to your home loan. The balance in this account offsets your mortgage balance, thereby reducing the interest you pay.
A redraw facility is a feature of home loans that allows you to access extra repayments you have made.
Both options offer significant benefits, however the best choice depends on your financial habits and needs. If you prefer having immediate access to your funds, an offset account might be the better choice. If you’re looking to save extra repayments and don’t need frequent access to those funds, a redraw facility could be more suitable.
Is getting an offset account a good idea?
Whether you should get an offset account depends on your financial situation and goals. If you tend to keep a substantial balance in your account, an offset could be very beneficial. It might also be helpful to discuss this with our lenders to get personalised advice.
What is another benefit of having a Premium Home Loan?
Another perk of having a Premium Home Loan is you are entitled to waived credit card annual fees for the duration of the loan on Summerland Bank credit cards.
We make things simple for you
We understand how confusing it can be to navigate financing a big purchase. Let our experienced lenders take away the stress of applying for finance.
Apply online, or start a conversation with our lending specialists
Your lending specialist will carefully guide you through the application process, be prepared to share your goals and financial information so we can let you know your borrowing capacity.
Application and approval
Once you have provided us with your financial information and verification documents, we will have a decision back to you lightning quick! usually within 2 business days.
Loan acceptance and funding
We make the loan acceptance process quick and easy, ensuring you can access your loan funds in time for your big purchase!
The legal stuff
1. Eligibility for the advertised rate: Minimum new loan amount $150,000, principal and interest repayments only. Maximum LVR 60%. Rate expressed as a percentage per annum, interest is calculated daily unless otherwise stated.
2. Eligibility for the advertised rate: Minimum new loan amount $500,000, principal and interest repayments only. Maximum LVR 60%. Rate expressed as a percentage per annum, interest is calculated daily unless otherwise stated.
3. Comparison rate is based on a loan of $150,000 over 25 years.
WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
4. Loan reverts to applicable variable rate on maturity of the fixed period.
Rates are subject to change. Conditions, fees, and eligibility criteria may apply, see us for details. Terms and Conditions available upon request.
Target market determination available on request at our branches.
Ready to get started?
If you’re ready for a braver kind of banking, here are three ways to get started with Summerland Bank.
Apply online
Get started online with your ID at the ready and a quick check of your personal details.
Contact us
Good old-fashioned customer service, the Summerland way.
Visit a branch
Find your closest Summerland Bank branch and our friendly local team will be ready to help.
Is there something else we can help you with?
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