Mortgage Crusher

• Top of the range offset account offering 100% interest offset on an eligible loan
• Designed for limited transaction volume to obtain maximum benefits
• Minimum balance to receive offset is $500
• Available only as a cheque book facility and/or Cashcard or Easy Access Card for access through EFTPOS and ATM’s
• No account keeping fees
• Fee free zones available on transaction fees
• Access available through Heritage Access Line phone banking and Heritage On-line Internet banking facilities.

Eligible Loans Table

HOW DOES IT WORK?
Linked to your Heritage mortgage loan account, funds in the Mortgage Crusher account help cut the interest costs on your loan. In other words, by linking your Mortgage Crusher to your Heritage loan account you offset the account's balance against your mortgage loan balance for calculation of loan interest.

Use this example: Loan amount: $100,000
Heritage Mortgage Crusher account balance: $10,000

Interest is charged on the loan amount minus the balance in your Mortgage Crusher account. In this example, the mortgage loan balance is reduced to $90,000 for interest calculation purposes. This means that interest will be calculated on $90,000 instead of the actual $100,000 loan balance. Maintain a minimum $500 in the Mortgage Crusher linked savings account, and 100% of that account will be offset against the balance of the home loan everyday.

HOW TO USE THE MORTGAGE CRUSHER

1. Have all your income directly credited to your Mortgage Crusher account
2. Minimise your withdrawal transactions to maximise the period funds are held in your Mortgage Crusher account
3. Pay for most purchases throughout the month with your Heritage VISA Credit Card
4. Before the interest free period on your Heritage VISA Credit Card has passed, pay off your entire credit card balance by an automatic deduction from your Mortgage Crusher account