Why did you make this change?
CommBank is dedicated to protecting our customers’ financial wellbeing by helping them achieve their financial goals, including owning their own home. We're currently experiencing an unprecedented period of economic disruption, and it‘s important that we do our part to support our customers and communities through this difficult time. We've already seen the number of customers reducing their repayments to the minimum increase substantially in March, and this change will assist customers who may require access to the additional cash flow.
However, we understand this may not suit every customer’s financial needs. If you would like to increase your direct debit amount, you're welcome to do so at any time in NetBank or the CommBank app. Alternatively, you can call us on 13 2224, visit any branch or contact your Home Lending Specialist, Relationship Manager or Broker.
I have already requested for my home loan repayments to be deferred for six months due to coronavirus. Why is my direct debit still being changed?
Due to the large number of customers who've taken up the offer to defer their home loan repayments for six months, there may be a slight delay between when the request was made and when we can process this request.
If a repayment is due between the deferral request and the request being approved, the direct debit will be payable as normal. Notifications will be sent when the deferral request has been received, approved and processed. Any subsequent direct debits will be cancelled upon confirmation of the deferral request being approved and processed.
Which home loans does this change apply to?
This change applies to any variable rate Principal and Interest Home Loan where you are paying more than the required minimum repayment amount by direct debit as at 31 March 2020.