Redraw & repayments

There are several options that may be able to assist you during this time, including: 

Manage in NetBank

Deferring repayments

Home loan customers requesting financial assistance during this time will be able to defer their repayments for 6 months, with interest added to their home loan.

  • For the 6 month deferral period no repayments are required. However during this time, interest and fees will add to the loan balance and your loan balance will progressively increase
  • Your loan term will be extended so your repayments do not increase as a result of the deferral period but may increase for other reasons such as a change in interest rate or accessing redraw
  • Any available redraw you have will be drawn on first during the 6 month support period. If you need to access your redraw during the support period, transfer your available redraw to another account now
  • We’ll also make a one-off payment to you to offset any interest charged on the interest during the 6 months. The payment will vary depending upon your loan balance and interest rate. For example, a loan of $350,000 will receive approximately $45

All requests are through the online registration below.

  • The fastest way to get support is by completing our online form. Once you submit your form online, we’ll action your request within 7 business days
  • We are receiving a large number of calls so if you phone us, you may experience a significant delay. If possible, please complete the online form
  • Select ‘coronavirus’ as the reason you are requesting assistance to access the repayment deferral option
  • Please do not submit more than 1 form (unless we request otherwise, by direct communication with you), as it will delay processing your request

Defer Repayments Request

Fixed rate reduction

Our fixed package rates have been reduced to our lowest ever advertised rates. 

Including 2.29% p.a. (3.99% p.a. comparison rate) for new 1, 2 and 3-year Fixed Rate home loan Owner Occupied customers paying Principal and Interest repayments with Wealth Package. The rates are effective from 30 March 2020, however, will be available to: 

  • existing requests to switch and split, and 
  • all applications that fund between Friday 20 March and Monday 30 March, where Rate Lock has not been chosen

With a fixed rate home loan you’ll know exactly what your repayments will be – giving you confidence to budget and plan ahead with certainty. Whether you want to switch your existing variable rate home loan to fixed, are refinancing, buying or investing. 

Not sure a fixed rate is right for you? Read more about the benefits and things to consider before you make the switch.

To change your home loan to a fixed rate, simply log onto NetBank or the CommBank app and choose the loan you’d like to fix. 

Switch in NetBank

Direct Debit Changes

From 1 May, for eligible customers who pay via direct debit, we will be automatically reducing the direct debit repayment amount for all Principal and Interest variable rate Investment/Home loans to the minimum required repayment.

You’ll have the option to change your direct debit repayment from 6 May if you wish to continue paying above your minimum repayment, in NetBank or the CommBank app. We will be in contact with all customers in April with more information.

More coronavirus support

In the current uncertainty surrounding coronavirus, the financial and personal wellbeing of our customers and people remains our priority.  

Visit our coronavirus Support Page to see how we’re supporting customers in a variety of ways.

Tell me more

Things you should know

Everyday Offset is a feature of our Complete Access Transaction Account which is linked to an eligible home loan, and accountholder/s must also be accountholders of the linked home loan. Interest is not charged on that part of the Home Loan balance equal to the balance of the Complete Access account.

Applications are subject to credit approval. Full terms and conditions will be included in our loan offer. Fees and charges are payable. Interest rates are subject to change.

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 this advice.

The Bank makes no representation about the future direction of interest rates.

Comparison rate calculated on a $150,000 secured loan over a 25 year term. WARNING: Comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.