Changes to repayments

What's changing?

From 31 July 2018, your minimum required repayment amount may be adjusted when:

  • Your interest rate is reduced
  • You make an additional repayment

How it works

Tim’s loan has a minimum monthly repayment amount of $580. He makes an additional repayment of $5000. Soon after this, his minimum repayment amount is recalculated to $440.  

What it means for you

  • You will be able to see your new minimum repayment amount in NetBank
  • You can choose to reduce your repayment to this amount if you wish to in NetBank
  • These changes apply if you have a variable rate principal and interest home loan, investment loan or personal loan

You can view your current repayment arrangements, including your minimum amount, or change your repayments at any time in NetBank.

To set up direct debit, call us on 13 2224 for home loans, 13 1431 for personal loans or visit your nearest branch.

Manage in NetBank

Changes to redraw

What's changing?

From 1 September 2018, the redraw balance on your loan will now gradually reduce in line with the remaining life of your loan.

This ensures you will pay off your loan by the end of your agreed loan term.

How it works

The rate at which your redraw balance will reduce is dependant on a number of factors and is different for every customer.

See example

What it means for you

  • These changes apply if you have a variable rate principal and interest home loan, investment loan or personal loan
  • If you have a home loan and you’re currently using a redraw facility to deposit money that you plan on using later, an offset account may better suit your needs 
  • Please note that withdrawing from your available redraw, including transfers to an offset account, may cause your repayment amounts to increase

You can find out how much you have available for redraw at any time in NetBank and the CommBank app.

Manage in NetBank

FAQs

Why are you making these changes?

Our customers have told us they’d like greater flexibility and control in managing their home and personal loan repayments. So we've introduced these changes to offer you that flexibility and support as you pay off your loan.

How can I change my direct debit amount?

You can change your direct debit arrangement any time before or after the repayment changes take effect: 

  • For home loans you can do this in NetBank or the CommBank app or by calling 13 2224
  • For personal loans you can do this by 13 1431 for personal loans

Which products do these changes impact?

These changes will impact all variable rate (principal and interest) home loans and investment home loans, and all variable rate personal loans.

How will my redraw change over the life of my loan?

Check out this example of how redraw will work over the life of a loan.

What if I am using my redraw to deposit money I plan on using later?

If you’re currently using a redraw facility to deposit money that you plan on using later, an offset account may better suit your needs.

What if I need access to funds beyond my available redraw balance?

If you need additional funds and you don’t have enough in available redraw, you may want to consider contacting us for a free financial health check

For the purposes of the examples, all amounts have been rounded to the nearest dollar. Actual repayments may involve dollars and cents. Applications are subject to credit approval. Full terms and conditions will be included in our loan offer. Fees and charges are payable. As this advice has been prepared without considering your objectives, financial situation or needs, you should consider its appropriateness to your circumstances before acting on the advice. You should also read our Financial Services Guide.