Your home loan repayment amount is based on how much is owing on the loan, as well as any ongoing fees, the interest rate and the loan term. We regularly recalculate your loan repayment amount to make sure you’re able to repay the loan in the remaining loan term.
If the interest rate on your loan changes, your home loan repayments may change. If they do, we’ll send you a statement and letter with details of the change, provided your repayments have moved upwards (we won't necessarily notify you if they move downwards).
Why have my home loan repayments increased?
Your repayment amount may increase because of one or more of the following:
- An interest rate rise; or
- We have to recalculate your repayments due to a large redraw; or
- You’re rolling off a fixed or introductory period that had a lower rate than your new loan type.
Can I change my repayment amount?
Depending on your home loan type, you may be able to change your Direct Debit repayment amount. We’ll need to check that your new repayment amount allows you to repay the loan within the remaining loan term.
How do I change my Home Loan Direct Debit repayment amount?
- Change your direct debit repayment amount, frequency, date and account directly in NetBank or the CommBank app
To make any other requests, contact us or visit your nearest CommBank branch.
Can I change to weekly or fortnightly repayments?
You can choose to make your home loan repayments monthly, fortnightly or weekly if you’re making Principal and Interest repayments. If you’re making Interest Only payments, you can only pay monthly.
What if I can’t make my repayments?
If you’re unable to make your home loan repayments, we can help. contact us to discuss your options or visit any CommBank branch.
