How to set up and manage your home loan repayments.
You can set up and manage home loan repayments either in the app, through online banking, or by contacting us.
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Setting up repayments
Scheduling repayments yourself
You can set up scheduled payments from a Bankwest account to your home loan in the app or online banking. If you want to set repayments from an account with another financial institution, check with them to see how you can set up regular repayments.
Setting up automatic direct debits
We can set up an automatic direct debit to pay your home loan from any bank account, message us in the app or give us a call.
Managing repayments
Increasing repayments
Increasing your repayment amount is a way to help you reduce your home loan interest and pay off your loan faster. You can make unlimited extra repayments to your Bankwest variable rate home loan and up to $10,000 extra per year if you have the Bankwest fixed rate loan.
If you’ve setup repayments yourself, use the app or online banking to change your scheduled payments.
For direct debits we’ve set up for you, message us in the app or give us a call.
Decreasing repayments
If you've built up a surplus on your loan through extra repayments, you could choose to reduce your repayment amount. Keep in mind that you'll want to continue paying at least the minimum monthly repayment to ensure you repay your loan by the end of the term. Also, be aware that reducing your repayment will result in paying more interest.
If you've set up extra repayments yourself, use the app or online banking to decrease your scheduled payments.
If we’ve set up extra repayments for you, message us in the app or give us a call.
Changing repayment frequency
You can make weekly, fortnightly or monthly payments towards your home loan, if you’re making principal and interest repayments. If you have an interest only loan, you can only make monthly repayments.
If you set up scheduled payments in the app or online banking, you can easily change this frequency and amount. If you have a direct debit, message us in the app to adjust.
No matter how frequently you make repayments, you'll need to make sure that you're still repaying at least the amount you have to each month to meet the terms of your home loan contract – the minimum monthly repayment amount.
Common questions
You can apply to switch from principal and interest repayments to interest only by speaking with a Home Lending Specialist.
An interest only home loan allows you to make repayments only on the interest amount for a set period (usually one to five years).
However it results in higher overall interest payments, and the interest only rate may be higher than your current principal and interest rate. You'll also want to be aware of fees and charges, including break costs for fixed rate loans.