As things in your life change, you can adjust your home loan and your repayments to fit your changing needs. If you think it’s time to take another look at how your loan is set up, or want some guidance reviewing your home loan, you can talk to us or take advantage of the changes you can make 24/7 in NetBank.
Changing your repayment or loan type
If you’d like to change your repayment type between principal and interest, or interest only, you can do this anytime in NetBank.
The benefit of a principal and interest home loan is that you could save money by reducing the amount of interest you pay over the life of the loan.See which repayment types you can switch to and from
Switching your home loan to another option – from a variable rate home loan to a fixed rate home loan, for example – is easy. Best of all, your loan number will usually stay the same, so you don’t have to worry about changing any direct debit or salary credit arrangements you've set up with your loan.
To switch your home loan type, call us on 13 22 24 or visit any branch.See which loan types you can switch to and from
Your reason for considering a change to your home loan is unique to you. Our experience shows us that people are most likely to consider changing when they:
- Are thinking about renovating.
- Are coming to the end of a fixed-rate term and want to review their options.
- Need increased flexibility, such as the ability to make unlimited extra repayments or redraw extra repayments.
- Want the certainty of fixed repayments that won’t change for a set period.
- Want to start repaying the principal to build equity (if they’re currently paying interest only).
If any of these reasons sound similar to yours, you can compare all of our home loan options any time.
You can book a free Home Loan Health Check and talk with one of our Home Lending Specialists.
MasterCard is a registered trademark of MasterCard International Incorporated. As this advice has been prepared without considering your objectives, financial situation or needs, you should before acting on this advice, consider its appropriateness to your circumstances. Everyday Offset is a feature of our Complete Access Transaction Account which is linked to an eligible Standard Variable Rate Home Loan or Investment Home Loan, and accountholder/s must also be accountholders of the linked home loan. Terms and conditions for the transaction and savings accounts mentioned are available from commbank.com.au or from any branch of the Bank. If you have a complaint, the Bank’s dispute resolution process can be accessed on 13 2221.