Variable Rate Home Loan

An offset account is a regular transaction account that’s directly linked to your home loan. Instead of earning interest, the balance in your offset account serves to reduce the balance of your home loan. This, in turn, lowers the amount of interest you pay each month. The more money you keep in your offset account, the less you’ll pay in interest.

This powerful little feature can help you save thousands over the life of your home loan.

Coastline Bank's Variable Rate Home Loan and Variable Investment Home Loan come with a free offset account.

A redraw facility is a valuable home loan feature; it allows you to:

• make extra repayments to your home loan
• access the extra funds if you need to.

If you’ve paid more than your scheduled repayments and something comes up, you can redraw these funds to cover the costs. Paying more on your home loan each month will also help you reduce your interest payments. Or, if you want to make some home improvements, fund a large expense, or go on a holiday, the money is available for redraw.

Please note: The minimum redraw is $500. Redraw is free in Coastline Bank Online Banking, or you can redraw in the branch for a $20 fee.

The Loan-to-Value Ratio (LVR) measures how much of the property’s value is financed by the loan. It is calculated by dividing the loan amount by the property’s appraised value. LVR is displayed as a percentage. For example, if you borrow $300,000 to buy a $500,000 home, your LVR is 60%.

Banks and lenders also use LVR to assess risk, and if you’re thinking about applying for a home loan, understanding your LVR can go a long way.

Yes. At Coastline Bank, you can make extra repayments on your home loan without penalty. Paying more than the minimum monthly repayment will help you save money on interest and reduce the length of your loan. You can also make additional lump-sum payments to your home loan whenever you like.

Paying off your loan faster frees up funds for other financial goals, such as other investments or retirement. You'll also enjoy the peace of mind that comes with owning your home outright.

Yes. Many of our loans allow you to transition from a variable rate to a fixed rate, providing you with flexibility if your goals and finances change. Your ability to switch will depend on the terms of your mortgage, and there are a few things to consider before you make the switch.

Whether you’re curious about loan features, eligibility, or the application process, we offer multiple ways to connect—by phone, email, live chat, or in-person appointments. Our dedicated team of Lending Specialists are happy to help.