Your customer can arrange for the limit on their home loan account to be permanently reduced if they have funds available in their redraw or offset account. Your customer will need to contact our team via live chat to request and accept the changes.
To support your customer through the process, view our Personal Help Centre for information on how to request a permanent limit reduction.
It’s important they're aware a reduction to their home loan account limit is permanent and any redraw or offset funds used will no longer be accessible. A principal increase application with supporting documents will be required for any future increase/s to the limit, which will be subject to a credit assessment and approval, and any applicable fees.
Note, a home loan account can only be reduced to a minimum limit of $20,000.
If your customer's home loan account starts with BSB 182, their repayment amount is based on the home loan account limit and a limit reduction is likely to reduce the minimum monthly repayment amount.
If your customer's home loan account starts with BSB 183, their repayment amount is based on the home loan account balance. A limit reduction is unlikely to reduce the minimum monthly repayment amount.
Example (for BSB starting with 182): The loan limit on your customers home loan is $500,000, the balance is $400,000 with $100,000 in redraw and minimum monthly repayments of $2,000. Your customer may be eligible to reduce the limit to $400,000 (using the funds available in redraw) to permanently reduce their limit. As a result, the minimum monthly repayment is reduced to $1,700 for the remaining loan term. (All figures are approximate and provided by way of example only).
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