Mortgage Breaker home loan

The Mortgage Breaker facility is a 100% loan offset product developed by QTCU exclusively for members with home or investment loans secured by residential property.

How does Mortgage Breaker and Offset work?

Your Mortgage Breaker account is actually a savings account. The savings balance from your Mortgage Breaker account acts as a "virtual" loan payment. It is deducted from your home loan balance before interest is calculated, (on a daily basis) and offset occurs. However, with Mortgage Breaker, your savings remain a separate entity and are available on-call, should you ever need them.

What kind of loan do I need?

Mortgage Breaker accounts are available with variable rate home⁺ and investment loans⁺, secured residentially. The account must be in the same name as the loan.

How will I save money?

With the balance of your savings offset, you will pay less interest on your home loan, and possibly own your home sooner. Even though the Mortgage Breaker account does not pay any interest on your savings, the amount you save in loan interest will exceed what you would earn in a regular savings account. Additionally, you can save on tax that may apply to any interest earned on your savings.

Are there other benefits?

Yes. The Mortgage Breaker account is flexible and convenient. Your savings can be accessed around the clock, from almost anywhere. You can also withdraw via a variety of channels including ATM, Tele-access*, NetAccess*, over-the counter, direct debit, cheque*, fax or mail.

How can I get maximum benefit from my Mortgage Breaker account?

Having your pay deposited directly into the account then making gradual withdrawals will maximise the benefits, as will being disciplined and not spending your savings!