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The Flexible Loan Offset Account (FLO) is a transaction account that when linked to your home loan account enables you to reduce the amount of interest you pay on your home loan.
You can use the FLO account as a normal transaction account; however, the more money you have in your FLO account, the less interest you pay on your linked loan. Whatever the balance in your FLO account, whether it is $100 or $10,000, that amount will be used on a daily basis to offset the interest that has to be paid on your home loan account.
If you keep your repayments at their current level and by using a linked FLO account reduce the interest that accrues on your home loan, you will pay off your home loan faster and own your home sooner! Read more about the FLO account in our PDS.
| Statement |
Twice yearly on 30 June and 31 December |
| Passbook |
No
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| Interest |
No interest is paid.
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Linked loan types
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- Owner occupied variable rate loan
- Owner occupied introductory rate loan
- Residential variable rate investment loan
- Your FLO account can not be linked to a commercial, personal or fixed rate loan (apart from an owner occupied introductory rate housing loan) or an Interest Saver Loan.
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| BPAY |
Yes |
| Cashcard |
Yes
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Visa Debit Card
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Yes
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| Cheque book |
Yes
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| Direct debits |
Yes
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| Telephone banking (Hume Connect) |
Yes
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| Internet banking (iBank) |
Yes
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| Periodical payments |
Yes
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Purpose
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Personal use only.
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Things you must read
You should read our Interest Rate Sheet, Product Features and Fees and Charges booklets which together form the Product Disclosure Statement for this account (download below), consider the features, terms and conditions that apply to the account and decide if the product is right for you before deciding whether to open an account.
You can also obtain a copy by calling in at any branch.
You should also read these documents:
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