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 and in the CommBank app.See what changes you can make to your home loan in NetBank
Making changes to your home loan
If you’d like to change your repayment type between principal and interest, or interest only, you can do this anytime in NetBank and in the CommBank app.
The benefit of a principal and interest home loan is that you’ll reduce your loan balance and cover the interest owed each repayment, however your monthly repayment amount will be higher. Choosing interest only will lower your monthly repayment amount, but you'll pay more interest over the life of your loan.
Changing your CommBank home loan from variable to fixed rate is easy using the tool below. 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.
You can now make changes to both the amount of your monthly repayments and the frequency with which you pay back your home loan to suit your schedule and budget, provided:
- Your home loan is variable rate
- Your existing repayments are principal and interest (that is, you are not paying interest only or interest in advance), and
- You are a personal borrower with authority to operate (no guarantor or trust is involved), and your co-borrower doesn’t need to authorise changes.
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.