Making repayments

Making repayments

Everyone appreciates what a loan can do - allowing you to buy something now that you could not afford, outright. That doesn’t mean you want to keep that loan forever.

Every loan comes with interest. The sooner you pay it off, the less interest you pay, and the less the overall cost.

Simple steps you can take to pay your loan off sooner.

• Pay weekly or fortnightly. Interest is calculated daily so any payments you make before the monthly payment is due, help reduce the principal which reduces the interest.
• Make extra repayments. As little as $20 per week can make a difference
• Lump sum repayments. Use tax refunds, work bonuses or child care rebates to boost your repayments.
• Deposit majority of your pay into your loan. Organise your pay to be split so you have a cash balance in your savings account for everyday living and balance goes to your loan.
• Use your credit card. Take advantage of your interest free period on your credit card and use it to pay for everyday living items, groceries, petrol, utilities etc and then redraw when your credit card statement arrives.
• Consider a split loan. By fixing a large portion of your loan you can budget to pay minimum repayments on the fixed portion and use the flexibility of a variable loan to make extra repayments and use redraw.
• Consolidate debt. Consider consolidating your personal loan, credit and store card debt into the variable portion of your home loan. Continue making the regular payments as though they were separate bills and you will pay them off in no time saving you time and money. Please note that consolidation of loans can cost more over time if the term is extended.
• Consider refinancing or switching. Your circumstances may have changed and your current loan may not be working as well as it could be.

Repayments direct from your pay

You can have the whole or a portion of your income automatically split with the home loan, everyday and savings accounts. 

There are two ways this can be organised:

1. If you haven’t already, set your pay to go directly into your account either by giving our BSB and your account number to your income provider.
2. Once the above is completed and your pay is coming into the bank, loan repayments direct from your pay are easy! You can have the whole or a portion of your income automatically split with your loan, transactional and/or savings accounts by completing this form and returning it to us. For assistance with this form, please contact us or contact your lending manager directly. 

Direct deposit

You can deposit funds directly into your home loan using the BSB and loan account number.

Periodical payment

You can organise for a periodical payment to be set up from your Everyday account to transfer an allocated amount to your home loan on either a weekly, fortnightly or monthly basis. Once your application has received a conditional approval, a loans officer can send you a periodical payment authority.

Electronic deposit

We can deduct your loan repayments via electronic deposit, where the funds come from another financial provider. This is set up much like a periodical payment. 

Set up an electronic deposit >