Understanding how to make and change home loan repayments

In most cases, home loan repayments are due on the same date each month. Your home loan contract shows your repayment due date, as well as the minimum repayment you are required to make.

The simplest way to make a home loan repayment is to set up a direct debit through an everyday banking account. These transfers from an everday banking account to your home loan can be made weekly, fortnightly or monthly and there are a few ways you can do this:

• Set up a regular transfer in internet banking by going to the Funds Transfer section, New Funds Transfer and nominate your transfer frequency. This will let you choose how often you want to make your repayments.
• Call us on 13 22 65.
• Talk to your employer to see if you can make a direct payment from your salary straight into your loan.

Can I increase or decrease my repayments?

If you have a standard variable rate home loan you can increase your repayments and make unlimited extra payments.

With a fixed rate home loan, you can make up to $20,000 in additional repayments during the fixed rate period without incurring prepayment fees or economic costs. Depending on your current situation, you may be eligible to decrease your home loan repayments. To find out more about decreasing your repayments, speak to your banker or call us on 13 22 65.

In some instances, you may be able to change the amount or frequency of your home loan repayments. You can use our Home loan repayment calculator to see how that change will affect your loan overall.

By increasing your repayments, or even just making payments more frequently, you can make significant savings on your interest, and pay your home loan off sooner.

Learning more about repayments

If you’d like to know more about how repayments work and what it can mean for the interest you pay check out our information on:

• Understand interest calculations and managing your home loan repayments.
• Repayments help and guidance.