About your repayments

  • How we calculate your repayments

    Your BetterBusiness Loan minimum required repayment amount is based on:

    • How much is owing on the loan
    • The loan term and how long is remaining
    • The current interest rate
       

    We regularly recalculate your minimum repayment amount to make sure you’re able to repay the loan in the remaining loan term.

    You can view your repayment amount, repayment type and frequency any time in NetBank, CommBiz and the CommBank app

  • Why your repayments may change

    You may be able to decrease your repayment amount if:

    • We’ve reduced the interest rate
    • You’re ahead on paying your loan by making extra repayments
    • You’ve changed your loan term
       

    We may need to increase your repayment amount if:

    • We’ve increased the interest rate
    • You’ve changed your loan amount or term
    • You’ve made a large redraw
    • You’re rolling off a fixed or introductory period
       

    We’ll notify you of any changes and give you at least 30 days’ notice before an increase takes effect.

Managing your repayments

  • Increasing or decreasing repayments

    Increasing your repayments can help you pay off your loan faster and reduce the interest you’ll pay over time.

    Decreasing your repayments, as long as it meets your minimum repayment amount, can help free up cash for business expenses.

  • Deferring repayments

    Call us any time on 13 19 98 or contact your Relationship Manager to discuss your options for deferring repayments.

  • Redrawing extra repayments

    A redraw facility lets you access additional repayments you have made on your BetterBusiness loan over and above the required minimum repayments. You may be able to access these funds if you need extra cash. 

How interest rate changes affect repayments

  • Rate decreases

    With a decrease in interest rates, your minimum repayment amount may also decrease. We'll let you know if your rate is decreasing.

    If this happens, you can choose to either:

    • Keep paying your current amount
    • Reduce your repayment amount to the new minimum

    If you keep paying your current amount, any extra funds over your minimum repayment will go into your redraw facility.

  • Rate increases

    With an increase in interest rates, we may increase your minimum repayment amount.

    If you’ve set up a direct debit and it’s less than the new amount, we’ll automatically increase your direct debit amount. If we do, we’ll give your at least 30 days’ notice.

    If you make repayments manually, make sure you update the repayment details to the new amount.

    Fixed rate loan repayments will stay the same until the end of your fixed term.

How to change your repayment amount

In the CommBank app

You can change your repayment amount in the app if:

  • You have a variable interest rate
  • You’re making principal and interest repayments
  • The authority is set to one-to-sign and you’re authorised to operate on the account
  • You don’t have a repayment due in the next 3 days
  • You don’t have any overdue repayments

To change your repayment amount:

  1. Log on to the CommBank app
  2. On the Accounts screen, select your BetterBusiness Loan
  3. Select Manage, then Change repayment amount
  4. Choose if you want to pay the minimum or more than the minimum and follow the prompts

You’re unable to change your repayment frequency in the app. You’ll need to contact us to do this.

If you’re unable to change your repayment amount in the CommBank app:

  • Call us on 13 1998 anytime
  • Contact your Relationship Manager (if you have one)

Frequently asked questions

If you make principal and interest repayments, we’ll send you an email or letter at least 30 days before your new repayment amount is due. Make sure your contact details are up to date. 

If you make interest only repayments, we’ll update your direct debit automatically, so make sure you have enough money in your account to cover the new amount straight away.

When interest rates rise, your available redraw balance will gradually reduce over the remaining life of your loan to ensure your loan is repaid within the loan term.

If your redraw balance is not sufficient enough to support your current repayment amount, we'll let you know if we need to increase your repayments.

If you have enough redraw balance to support your existing repayment amount or are already paying above your required amount, your repayments may not increase.

If we sent you a notice to let you know your repayments are increasing but you didn’t receive a confirmation after your notice period, something may have changed on your account and we no longer need to apply the repayment increase.

Things you should know

  • Should any circumstances on your account change between when we notify you of a repayment change and when that change is due to take effect, we may choose not to apply the repayment change. If in the future we identify that a change is required, we will write to you again to advise of the details.  

    As this information has been prepared without taking into account your individual and/or business objectives, financial situation or needs, you should, before acting on this information, consider its appropriateness to your circumstances. 

    Credit provided by the Commonwealth Bank of Australia. These products are only available to approved business customers and for business purposes only. Applications for finance are subject to the Bank's eligibility and suitability criteria and normal credit approval processes. View our current terms and conditions for Business Finance, and consider them before making any decision about these products. Rates are subject to change. Fees, charges and Terms & Conditions apply. For current interest rates, visit Business banking rates and fees.