Your guide to home loan statements
Home Loan statements are provided twice a year, in January and July. If there are specific changes to your loan, such as an interest rate change, or if you switch your loan type, or increase repayments, you’ll receive a confirmation of the change within your ‘Transactions’ listing and the date it occurred.
Here is an example of what your statement looks like and how to understand it.
- Statement number - The number of statements issued to you from your home loan start date.
- Required repayment amount - The minimum amount you have to pay each month to ensure your loan is paid off within the agreed term. If you've chosen to make interest only payments, then 'Interest only' will be shown here.
- Interest rate - This shows your current interest rate. If there were any changes during the statement period, they will be shown on the ‘Transaction’ page.
- Loan balance - This is the balance owing on your loan at ‘statements end’ date. Please note this is not a 'Payout' figure.
- Loan snapshot - A summary of the total debt and credit transactions processed during the statement period.
- Estimated loan term - This indicates the estimated remaining loan term based on the monthly repayments being made and assuming the interest rate and repayment amount doesn’t change. If interest only payments are being made, the estimated loan term will not be shown.
- Interest - Shows the total interest charge for this financial year.
- Special repayments - This figure is the sum of loan payments made over and above the required minimum repayment amount, less any amount that has been redrawn. If you have an eligible home loan, you will be able to redraw this money. In NetBank, this amount will appear as "available funds". Note: Ensure you don’t redraw any special repayments if they are needed to go towards your next monthly repayment.
- Repayment changes (not shown in diagram) - You will only see this message if we need to inform you that your repayments need to increase, so you can still pay off your loan within the agreed term. If you see this message, please remember to check you statement for a letter explaining what you need to do.
If joint borrowers have not nominated one borrower to receive statements and notices on their behalf, separate statements and notices are issued to each borrower even if you live at the same address. You can nominate one borrower to receive statements and notices by completing Sections C and D of the Contract Authority and Nomination to Receive Notices form.