TotalMoney home loan
You could save thousands and pay off your mortgage faster.
- Use your everyday accounts to reduce the interest you pay on your mortgage
- Option to make extra repayments
- Minimum 5% deposit*
We can help with fees
deal Right now, you'll pay no establishment fee and you can also get a contribution of up to $1000 towards your legal costs if your loan is over $100,000, approved before 25 May and drawn down before 6 July 2012.
More detail
Our TotalMoney floating home loan lets you use the balances of your TotalMoney transaction and savings accounts to reduce the amount of interest you pay on your mortgage. By paying less interest, you pay back more of your original loan (the principal) with each repayment. This means you could get mortgage-free faster, while saving thousands of dollars in interest.
And the great thing is that TotalMoney does all of the hard work in the background – you don't have to change your spending habits, and your regular mortgage repayments stay the same. Easy.
How it works
TotalMoney looks at the combined balances of your everyday accounts and subtracts these from the total owing on your mortgage, reducing the amount of interest you pay. This is often called offsetting. Watch our 'What is offsetting?' video to learn more.
You don't need to have large sums in your accounts, the interest is calculated daily so even having your wages, money for bills, or savings for a holiday sitting in your accounts, will help to lower the interest you pay.
For example, if you have $7,500 in your everyday accounts and offset this against a $150,000 floating mortgage, you'll only pay interest on $142,500. Calculate how much you could save.
Other TotalMoney home loan perks
TotalMoney gives you the flexibility to make extra repayments, on top of your minimum scheduled repayments. And if you make additional repayments you have the option of redrawing these funds at a later date. You also have flexibility on the term of your mortgage - any length up to 30 years. The minimum starting loan size is $10,000.
| This rate may differ for existing home loan customers. For more information please call us free on 0800 ASK BNZ (0800 275 269) | |
|---|---|
| Current Interest Rate % p.a. | View rates here |
| Fee Name | What is the fee? |
|---|---|
| Establishment Fee Personal Lending to individuals3 |
Up to $400 |
| Establishment Fee All other lending including but not limited to cases where investment properties, family trusts or companies are involved |
Up to 1% of loan amount. |
| Rollover/Re-fix Fee (Re-fix the interest rate on your home loan) |
$1504 |
| Top Up Fee (Apply to increase your overall home loan borrowing) |
$2504 |
| Re-documentation Fee (New loan agreements or amendments are required for services such as product changes, borrower changes, some types of repayment changes etc) |
$2504 |
| Re-draw Fee (Re-draw funds that your original loan approval covered, but that you may have repaid faster than the minimum requirement. Re-draw cannot take place while your loan is on a fixed interest rate, but you can ask us to Re-draw funds when your fixed period is about to expire) |
No fee applies |
