Trying to get everything organised and wanting to know what your first payment will be, we got you.
When we sign your loan contracts we will let you know how much your repayments are. The first repayment will be due 1 month after settlement.
So if your settlement is 1st March, your first repayment will be due 1st April.
How are my home loan repayments calculated?
Your home loan repayment amount is based on how much is owing on the loan, as well as any ongoing fees, the interest rate and the loan term.
If the interest rate on your loan changes, your home loan repayments may change. If they do, the bank will send you a statement and letter with details of the change, provided your repayments have moved upwards.
Why have my home loan repayments increased?
Your repayment amount may increase because of one or more of the following:
- An interest rate rise; or
- The bank have to recalculate your repayments due to a large redraw; or
- You’re rolling off a fixed or introductory period that had a lower rate than your new loan type.
Can I change my repayment amount?
Depending on your home loan type, you may be able to change your Direct Debit repayment amount.
Contact the bank to check that your new repayment amount allows you to repay the loan within the remaining loan term.