Your guide to statements

Here you can find everything you need to understand your home loan statement and reduce the number of statements you receive on a joint home loan. There’s also advice on how to set up viewing your statement online and all the advantages of doing so.

Understanding your statement

 

1. Statement number - The number of statements issued to you from the date your Home Loan started.
2. Required repayment amount - This is the minimum amount you have to pay each month to ensure your loan is paid off within the agreed term.  If you've chosen to make interest only payments, then 'interest only' will be shown here.
3. Interest rate - This shows your current interest rate. If there were any changes during the statement period, they will be shown on the ‘transaction’ page.
4. Loan balance - Details the balance owing on your mortgage at the ‘statements end’ date. Please note the this is not a 'payout' figure
5. Loan snapshot - A summary of the total debt and credit transactions processed during the statement period. Including:
   • Government charges
   • Bank fees
   • Interest
   • Insurance premiums
   • Associated stamp duty
   • Repayments/payments
   • Loan drawings
   • Withdrawal of special repayments
   • Reversals of previous transactions
6. Estimated loan term - This indicates the estimated loan term based on the monthly repayments being made and assuming the interest rate and repayment amount doesn’t change. If interest only payments are being made, the esitmated loan term will not be shown.
7. Interest - Shows the total interest charge for this financial year. If you have a Mortgage Interest Saver Account (MISA) then the amount of interest saved will be shown. Interest is calculated by applying the current daily percentage rate to the outstanding balance of your loan.
8. Special repayments - This figure is the sum of loan payments made over the required amount, less any amount that has been redrawn. If you have an introductory rate or vairable rate loan, you will be able to redraw these funds.  In NetBank,these will appear as "available funds". Note: Ensure you don’t redraw any special repayments if they are intended to go towards your next monthly repayment.You may find messages from us on your statement, these are used to tell you about important changes to your mortgage and keep you up to date with anything else that may be of interest. If there are any changes to your loan we’ll send you a confirmation statement free of charge. You can order additional copies of statements at any time.
9. Repayment changes (not shown in diagram) - You will only see this message if we need to inform you that your repayments need to increase, so you can still pay off your loan within the agreed timeframe.  If you see this message, please remember to check you statement for a letter explaining what you need to do.

 

Other things you need to know about your statement
You may also find messages from us on your statement, these are used to tell you about important changes to your loan, such as changes to your loan contract schedule or terms and conditions and keep you up to date with anything else that may be of interest.

When do I receive a statement?

You will receive a statement twice a year, in January and July. If there are any specific changes to your loan, such as an interest rate change, or if you switch your loan type, we’ll send you a free confirmation statement specifying the change within your ‘Transactions’ listing and the date it occurred. You will also receive a statement if we need to advise you that your repayments need to increase.

You will also receive a final statement once your loan is repaid.

You can order additional copies of statements at any time; however there’s a $7 fee per copy. It’s quicker and easier viewing your statement in NetBank for free and printing it as required.

Statement Queries
Contact us if you have any concerns about your statement.

Sharing statements

If you have a joint home loan and you live in your home (that is, not an investment home loan), we’re obliged to send everyone on the loan a statement, or other notice, even if you all live at the same address.

If you have a partner, or have a joint loan with more than one person, the home loan is in all your names and you all live at the same address, you can nominate one borrower to receive legal notices and paper statements. To do this you need to complete Sections C and D of the Contract Authority and Nomination to Receive Notices form.

Apart from being more environmentally friendly by reducing the amount of paper statements you receive, it also means less clutter in your mailbox.

More importantly, in order for all borrowers on the loan to be able to view home loan statements online in NetBank, you’ll need to nominate for only one of you to receive paper statements (by completing the same form above).

Contact us for more information on your statements.

How to view your statement online

Choosing to view your statement online is simple, totally secure and saves paper, making your home loan more environmentally friendly. Follow these simple steps to start using the service

1. Log on to NetBank
2. Go to the ‘Manage accounts’ tab
3. Then go to ‘Manage statements’ sub-tab
4. Select ‘View online statements’
5. Follow the steps.

Find out more about viewing your statements online.

If you have a joint owner-occupier home loan, see ‘Sharing statements’ above for details on how to view your statement online.

Register with NetBank

If you’d like to start viewing your home loan statements online and you are not yet registered with NetBank, register here or download our simple NetBank registration form today.