LINKING TO YOUR STANDARD VARIABLE LOAN ACCOUNT Sample Clauses

LINKING TO YOUR STANDARD VARIABLE LOAN ACCOUNT. We will provide you with an Offset Savings Account only if you have a Standard Variable Rate loan account. Your Offset Savings Account must be linked at all times to your Standard Variable Rate loan account. The Offset Savings Account will only be linked to one Standard Variable Rate loan account and not to any other loan account you might have with us. We won’t change the Standard Variable Rate loan account that your Offset Savings Account is first linked to. If your agreement is terminated for any reason, or your linked Standard Variable Rate loan account is closed we may terminate your Offset Savings Account and transfer any funds to your nominated account or issue you with a bank cheque. Fees may apply. Where you have a Fixed Rate, your Offset Savings Account won’t offset against your loan account. This means that whilst you can still deposit money into the Offset Savings Account and continue to use it as a transaction account, it won’t be offset against your loan account. We’ll indicate in your statement that the account is no longer offsetting interest on the Standard Variable Account by re-naming the Offset Savings Account as “Home Loan Transaction Account – Non Offset”.
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Related to LINKING TO YOUR STANDARD VARIABLE LOAN ACCOUNT

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