Repayments

FAQ

Popular questions related to: Repayments

Cheques posted directly to your lender usually take 5 business days to clear from the date the cheque was deposited to your home loan. If you post a cheque through Bank@Post, it will take 7 business days to clear.
Whether you are able to salary sacrifice, or salary package, for your home loan will depend on your employer. You must also check with the Australian Taxation Office to confirm your eligibility.
Additionally, you will need to alert your lender to this change in circumstance and, more importantly, confirm that they will accept your salary sacrifice payments.
Principal and interest repayments allow you to pay off both your principal loan, and the interest accrued on top of it within the arranged time frame.
With interest only repayments, you only pay off the interest accrued on the loan, and not the principal amount. This can only be done for a limited period, usually 5 years for owner occupiers and 10 years for investors. It is important to note that interest only repayments do not reduce any of your outstanding loan balance. At the end of the interest-only period, you will still need to repay the whole loan amount, plus any further interest, within the agreed time frame.
A Repayment Pause helps you manage your finances by allowing you to temporarily reduce or even stop your loan repayments for a specified period of time.
If you have an eligible home loan and a legitimate period of leave from the workforce, such as maternity leave, your lender may offer you a repayment pause for a period of 3-12 months.
You may also be allowed a repayment pause if you’re ahead on your repayments.
A Repayment Pause allows existing home loan customers to reduce or pause their home loan repayments for a period of between 3 and 12 months.
This is only applicable to home loan customers, who meet their lender specific criteria and are seeking assistance to manage cash flows during a period of legitimate leave from the workforce for a period of between 3 to 12 months. This is not designed for those experiencing financial hardship.

Categories