2.3. ASB Orbit FastTrack (reducing revolving credit)

An Orbit FastTrack has similar features to Orbit, but the credit limit will reduce over time. Orbit FastTrack still gives you the flexibility to redraw up to your reducing limit, but ensures that your loan is repaid by the end of its loan term.

How revolving credit works

A revolving credit loan is a transactional account that is very similar to an overdraft.  Some revolving credit loans have a reducing loan limit which will amortise (reduce) in the same way a normal table loan is repaid. Other revolving credit accounts are non-reducing and therefore similar to interest only loan facilities. Interest is charged on the daily outstanding balance.

Orbit FastTrack is ASB's reducing revolving credit account.

By paying your salary (and any other income) directly into your revolving credit loan you immediately lower your loan account balance and the amount of interest you pay.

If you use your credit card for your everyday purchases, you can keep your revolving credit account balance lower for longer. To maximise the benefit, you must always pay your credit card balance in full on the due date.

See here for more information.

Orbit FastTrack revolving credit is best suited to

• Ideal if you want to repay your loan faster and keep tighter control over your finances.  
• Useful if you think you may want to redraw up to your reduced limit occasionally. 
• Customers on a good income who often have surplus funds available.
• Customers who are good money managers.

• Customers what want an ongoing credit limit that can be accessed at any time.

• Customers wanting flexibility to make repayments and redraw up to their credit limit without needing to re-apply.

Features and benefits of ASB Orbit FastTrack

• The facility limit reduces over time.  Orbit FastTrack is ASB's reducing revolving credit facility.  Orbit is ASB's non-reducing revolving credit account.
• Minimum Orbit facility is $10,000.  
• Orbit combines your cheque, savings and home loan accounts into a single easy to manage package. 
  

• Maximum LVR value of 80%.
  
• Interest is calculated daily and paid monthly at ASB's standard variable home loan interest rate. 
• Orbit account fee is currently $12.00 per month.
• See ASB's fees and charges.
  

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