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Changing your repayment or loan type

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.

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.

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.

We can tailor a home loan that's right for you, and provide the tools and insights to meet your needs.

or

Already a customer banking online with us?

Save time by using your NetBank details.

Make appointment in NetBank

New customer or don't bank online with us?

Make an appointment online

or

Add-ons

Benefit from significant savings on borrowing, everyday banking and insurance services, as a reward for banking with us.

Learn more

Our Everyday Account is an all-in-one solution that offers the flexibility you need. Enjoy low fee everyday banking with a Debit MasterCard®.

Learn more

Pay no credit card annual fee with the Wealth Package, a saving of up to $349 per year with the Diamond Awards credit cards. No Wealth Package? You’ll pay no annual fee for the first year when you apply for a credit card at the same time as your home loan.

Learn more

Offset the funds in your linked accounts against the balance of your home loan, to potentially save thousands of dollars in interest.

Learn more

We can help

Ready to apply or want to discuss your home loan needs?

or

Already a customer banking online with us?

Save time by using your NetBank details. 

 

Make appointment in NetBank

New customer or don't bank online with us?

Make an appointment online

or

Important information

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.