We’re updating our Home Loan Package Terms and Conditions.
You can view the updated Terms and Conditions from the effective date of Tuesday 29 October 2019 on our Terms and Conditions page.
We’re changing the way we set our Home Loan Package rates, so our rates are fairer for all members and easier for you to understand.
Previously we set our Home Loan Package variable rates at a fixed discount from the Standard Variable Rate at the time a loan settled. Over time as rates changed and new loan types were introduced, we have ended up with many different Standard Variable Rate reference rates that applied to loans funded at different times.
In the future, Home Loan Package variable rates will always be set a discount to the current Standard Variable Rate for loans of a similar type. The amount of the discount to the current Standard Variable Rate may change from time to time, but you’ll always receive a heavily discounted rate.
Home Loan Package Fixed rates will continue to be discounted from the Standard Fixed rates.
We’re also introducing a right for us to cancel the Home Loan Package. We have no plans to do this, so you don’t need to take any action. If in future, we do need to cancel your Home Loan Package, we’ll provide you with prior notice and a pro-rata refund of your last Package fee.
We’re not introducing any new fees or charges, nor are we taking away any existing features, which means the Home Loan Package will still provide you with a discounted rate and a range of exciting features.
Why are we making these changes?
We’ve been offering Home Loan Package rates for quite a while now and we want to make sure our rates are fair for all members. Currently, if we want to reduce rates by a larger amount for members paying higher interest rates, the Home Loan Package terms and conditions prevent us from doing so. These changes help to improve equity across the membership base and helps us provide even better products for all members.
What does this mean for me?
Very little! You’ll continue to receive a great rate on your Home Loan Package, plus can continue to enjoy all the fantastic features. We’ll always make sure we’re offering all members competitive products with features that suit their needs. For a small number of members, it means you’ve already received a larger reduction to your Home Loan Package variable rate than you would’ve otherwise received.
Is the Home Loan Package still worth it compared to the Discounted Variable Rate?
The Home Loan Package will still provide you with a discounted rate and a range of exciting features, including no Home Loan application, settlement or renegotiation fees, no annual fee on our Visa Credit Card and 0.50% pa. off any of our Personal Loans. You can also enjoy the benefit of 100% Offset Accounts, which are not available with our Discounted Variable Rate loan.
If you have any questions about these changes, you can send them by Secure Mail through Internet Banking, call (08) 8202 7777 or visit us at 400 King William Street, Adelaide.
This is general advice only and doesn’t take into account your objectives, financial situation or needs. Conditions, fees and lending criteria apply and are available on request.