If you want to make a lump sum deposit to your home loan account to reduce or pay the balance to zero, there are some important things you need to know about what will happen to your account and repayments.
For home loans with a BSB starting 182, your repayments are calculated on the account limit (not the balance). If you make a lump sum deposit and would like your repayments recalculated, the only way to do this is to Permanently reduce your home loan limit.
If you pay your balance to zero, or to an amount less than your minimum repayment, your next repayment amount will be adjusted to cover the accrued interest and any remaining balance.
Your home loan facility won’t automatically discharge if you pay your balance to zero. If you are wanting to discharge your home loan facility, please visit Discharging your home loan.
An account split won’t automatically close when you pay the balance down to zero. If you would like to close an account split, please visit Consolidating your home loan accounts.
For home loans with a BSB starting 183, your repayments are calculated on the account balance.
If you make a lump sum deposit and would like your repayments to be recalculated, you’ll need to contact us using live chat to arrange this. Your account won’t automatically discharge. If you are wanting to discharge your home loan, please visit Discharging your home loan.
If you have paid down an account split within your facility, this won’t automatically close. If you would like to close an account, please visit Consolidating your home loan accounts.