Following recent interest rate changes, many lenders are not automatically reducing home loan repayments. If you’d like to lower your repayments to align with the new minimum, you may need to take action.
Below, we’ve outlined how to adjust your repayments for various lenders.
| BANK | EFFECTIVE DATE | WHAT TO DO |
|---|---|---|
| ANZ | Friday, 22nd August | ■ ANZ may not automatically adjust your repayment amount. ■ If you’re making principal and interest payments, you may need to adjust your existing direct debit repayment amount. ■ If you’re making interest only repayments, the interest amount charged each month will automatically reflect the new interest rate applied to your loan. You won’t need to do anything. ■ To reduce your repayments, update them via ANZ Internet Banking at least six days before the new minimum takes effect. ■ If you haven’t already, you’ll need to register for ANZ Internet Banking. |
| Bankwest | Friday, 22nd August | ■ Bankwest will automatically update your repayment amount. No action is required if you’re happy with the new amount. |
| Macquarie Bank | Friday, 15th August | ■ Macquarie Bank will automatically update your repayment amount. No action is required if you’re happy with the new amount. |
| NAB | Monday, 25th August | ■ NAB will not automatically reduce your repayment amount. ■ To update your repayments from 25th August onwards, you can: ‣ Call NAB on 13 22 65. ‣ Use the chat function in the NAB App. |
| CBA (Commonwealth Bank) | Friday, 22nd August | ■ CBA will not automatically reduce your repayments. ■ To update, use NetBank or the CommBank App: 1. Log in and search for ‘Change home loan repayments’. 2. Select your home loan. 3. Adjust the amount and start date, then submit. For more details, visit CBA Rate Announcement. |
| Suncorp | Friday, 22nd August | ■ Suncorp will not automatically adjust your repayment amount unless there is a difference of $50 or more per month in your new minimum repayment amount. ■ If you’re making Principal and Interest repayments, your minimum repayment amount will only become effective after Suncorp notifies you by mail of the new repayment amount. You’ll receive at least 20 days’ notice of the new repayment amount. ■ To update your repayments, call 13 11 75 or make changes via Suncorp Internet Banking before the new amount takes effect. |
| ING | Tuesday, 26th August | ■ ING will not automatically reduce your repayment amount. ■ To adjust your repayments, use the ING App or Online Banking. Via the ING App: 1. Log in and select your Loan Account. 2. Tap Scheduled > Manage > Edit Direct Debit. 3. Make changes and submit. Via Online Banking: 1. Log in with your client number and access code. 2. Select your Loan Account. 3. Adjust your repayments under Pending and Scheduled Payments. If you need help, ING can assist over the phone. |
| St. George | Tuesday, 26th August | ■ St George Bank will automatically update your repayment amount if you have arranged a direct debit from a bank account. No action is required if you’re happy with the new amount. |
| Westpac | Tuesday, 26th August | ■ Westpac will automatically update your repayment amount if you have arranged a direct debit from a bank account. No action is required if you’re happy with the new amount. |
| Newcastle Permanent | Tuesday, 26th August | ■ Newcastle Permanent will not automatically reduce your repayment amount. ■ Customers will receive an email or letter with their new minimum repayment. ■ To update repayments, use the Newcastle Permanent App, Internet Banking, or contact the bank. Via the App: 1. Log in and tap Pay. 2. Choose your account and home loan. 3. Select Automate repayments. 4. Confirm your new amount. Via Internet Banking: 1. Navigate to the Transfer screen. 2. Select your account and loan. 3, If eligible, check the Automate loan repayment option and follow prompts. For assistance, call 13 19 87 or visit a branch. |
Need Help?
If you have any questions or need assistance with updating your repayments, feel free to reach out. We’re happy to guide you through the process and ensure your loan remains manageable under the new interest rates.
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