Making extra repayments on your home loan.
Come into some extra cash? Paying off part of your loan early can have a big impact on your interest down the line.
Variable-rate loans
If you’ve got a variable loan you can make as many extra payments as you want, with no penalty whatsoever.
Fixed-rate loans
If you’re on a fixed-rate loan, you can make up to $30,000 in extra payments during the fixed-rate period; going above that amount will attract a penalty fee. (Of course, once the loan reverts to a variable rate, there’s no extra payment limit.)
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Making your extra repayment
There are three ways to make your extra repayment transfer:
- ‘Push’ the money from your nominated account to your home loan account
- Use ME’s internet banking to ‘pull’ the money into your loan account from your nominated account, even if your nominated account isn’t with ME.
- Make a regular transfer into your home loan account from any other account.
Making a ‘push’ payment
Just make the payment from your nominated account into your home loan account. Here’s how to make a transfer from a ME account.
For non-ME account transfers, get in touch with your financial institution.
Making a ‘pull’ payment
You can use internet banking to ‘pull’ a payment from your nominated account into your home loan account:
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Log in to internet banking
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Click on ‘pay & transfer’ at the top of the page, and select ‘transfer between accounts’
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For the ‘pay from’ field choose your nominated account
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Pick your personal loan account for the ‘pay to’ field
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Fill in the rest of the transfer details and hit ‘continue’, and then confirm the payment.
Making a normal transfer
Just make a transfer to your home loan the same way you would to any bank account.
If you need help making a transfer from a non-ME account, it’s best to get in touch with the relevant financial institution.