How do I set up a scheduled loan repayment?

You can set up an automatic home loan repayments in online banking or our mobile app.

1. Log in and go to 'Transfer' > select the account you’d like to pay your loan from > then select your loan

2. In the ‘Type’ field, you can select from the drop-down menu the transfer type.

   • Monthly Repayment Only – this is the monthly repayment on your loan calculated at the time of payment

   • Monthly Repayment Plus Extra – Pay a fixed amount off your loan, in addition to the monthly repayment on your loan, calculated at the time of payment.

   • Fixed Amount - As the name suggests, a fixed amount is a set amount you nominate for each payment cycle. While this is an easy way to know exactly how much you’re paying and when, the amount won’t automatically adjust, so you’ll have to update it if your minimum repayments change.
     This isn’t as big a deal if interest rates are decreasing, as this lowers the minimum repayment amount for many people who choose to pay the extra off their loan, but it’s an important consideration as interest rates increase, so you can adjust your repayment amount if necessary to ensure you don’t fall behind.

3. If you want to set up a recurring payment, select ‘Recurring’

4. Then select the frequency – Weekly, Fortnightly, Monthly

5. Select a start date by tapping into the date field, and a calendar will appear.

6. Select when you would like this to end – either ‘Never’ or ‘On a specific date’

7. Click ‘Next’

8. The click ‘Confirm and transfer’