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, 28th February | ■ ANZ may not automatically adjust your repayment amount. ■ If you’re paying more than the new minimum and want to keep it that way, no action is required. ■ 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. |
| NAB | Friday, 28th February | ■ NAB will not automatically reduce your repayment amount. ■ To update your repayments from 28th February onwards, you can: ‣ Call NAB on 13 22 65. ‣ Use the chat function in the NAB App. |
| CBA (Commonwealth Bank) | Friday, 28th February | ■ 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. |
| ING | Tuesday, 4th March | ■ 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, 4th March | ■ St. George will not automatically reduce your repayment amount. ■ Adjust your repayments via Internet Banking or the St. George Mobile App. Via the Mobile App: 1. Go to Services > Scheduled Payments > Scheduled & Past Payments. Via Internet Banking: 1. Navigate to Transfers, Payments & BPAY > Scheduled Payments. 2. You can change your repayment amount, frequency, or suspend payments (without missing a minimum repayment). |
| Westpac | Tuesday, 4th March | ■ Westpac will not automatically reduce your repayment amount. ■ Adjust your repayments via the Westpac App or Online Banking. How to Update: 1. Log in to your dashboard: ‣ In the Westpac App, search ‘home loan’ and select Self-serve. ‣ In Online Banking, select your loan and use the More dropdown. 2. Follow prompts to adjust repayments. 3. If needed, call 132 558 for assistance. |
| Newcastle Permanent | Friday, 7th March | ■ 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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