Frequently Asked Questions

  • How will I be notified of a change to my interest rate and what will my revised repayments be?
    Customers will be notified by email and a letter will be sent in the post. Your letter will contain more details specific to your account, such as revised repayments.
  • When will I receive a letter with details of my revised repayments?
    Letters are posted five days before new interest rates take effect. The letter will detail the revised estimated repayment amount and repayment commencement date.
  • When will the revised repayments be due?
    This depends on your repayment frequency and whether your repayment type is principal and interest or interest only. We cannot change the repayment amount within 28 days of the initial notice, so you will not see the revised repayment until your following repayment cycle.

    For example, Mr Jason Winter’s monthly repayment due date is the 25th of each month. His first repayment after the new interest rate has been applied will be the same amount as the previous one. The following repayment will be the revised amount and be due on the 25th of the following month.
  • Do I need to update my repayments?
    If your repayments are set to pay the minimum amount, the system will automatically update to reflect the revised repayments. If you pay a minimum plus additional amount, the additional amount will be added to the revised minimum repayment.

    If your repayments are set to pay a total amount, you may need to update the amount.

    If the revised repayment is higher than the current total repayment. The total repayment amount will be noted in your letter.
  • LoanAccess does not show the same revised repayments due as in my letter. Why?
    LoanAccess will only show the next two scheduled repayments and when its due. If your repayment is fortnightly or weekly, please refer to your letter notification outlining the revised repayment amount and commencement date.
  • I’m currently on a fixed rate but this will change to variable next year. Do these rate changes impact me?
    Yes, the rate change will impact your variable rate. You will receive a letter detailing your new repayment information 1 month before your fixed rate loan portion comes to an end.
  • I am concerned about my increased repayment amounts – is there anyone that can help?
    If you are a customer experiencing difficulty, please call our customer care team on 13 72 62
  • What is credit reporting?
    Credit reporting is a system that helps credit providers make an informed decision about a customer’s ability to manage debt. Credit providers, such as banks, non-banks and other lending institutions, share personal credit-related information about customers with credit reporting bodies, who then publish this information to the customer’s credit report. This credit report can be accessed by other credit providers when they run a credit check for that customer.

    The Australian credit reporting system has been in place since the late 1960s. Up until recently, this focused on negative information, which meant a person’s credit file only listed ‘bad’ credit events such as a default, bankruptcy or serious credit infringement.

    This has changed with Comprehensive Credit Reporting, which records both positive and negative credit behaviour to a person’s credit report.

    Today, there are strict rules about how your consumer credit-related personal information can be collected, used and disclosed for the purposes of credit reporting, as well as what types of organisations are able to access your credit report. You can lean more about credit reporting and comprehensive credit reporting (CCR) here.
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