If you come into some money or manage to build up your savings, putting that on your home loan could reduce the time it takes to pay off your mortgage as well as how much you end up paying in interest.
Lump sum repayments on a variable home loan
With a variable home loan (also known as floating home loan) you're able to make as many additional payments as you'd like. You can easily do this on the mobile app.
Lump sum repayments on a fixed rate home loan
If you have a fixed rate home loan, check with us that you won’t be paying more than 5% of your home loan balance in a year. If you do, you could be charged fixed rate break costs.
If you've split your home loan into more than one fixed term loan, for example you have some fixed for one year and some fixed for three years, the early repayment limit will apply separately to each fixed loan.
Lump sum payment on a fixed rate home loan needs to be at least $1,000.
How to increase your repayments or make a lump sum payment
Send a secure mail to our online customer service team through internet banking or our mobile app, or give us a call on 0800 000 654 and we’ll increase your regular payments or move a lump sum across for you. You can also use our mobile app to make a lump sum payment on your variable home loan.