Switching from interest only to principal and interest payments (P&I)

You can request to switch your repayments from interest only to principal and interest repayments.

Please note, if your repayments are already principal and interest and you’d like to switch to interest only repayments, an application must be submitted for a credit assessment and is subject to approval.

How to request switching your repayment

To get started, please call us on 1800 007 722 (+61 2 8550 5666) and select Option 1, then Option 3.

When your repayment will change from interest only to principal and interest

Home loan account with a BSB starting with 182

After the request to switch has been processed, your new principal and interest repayment will be effective 30 calendar days after the change has been made.   

If you have a repayment due within 30 days of the change, the amount due will be the interest only repayment amount.

For example, if your request to switch to principal and interest repayments was processed today, and your next monthly repayment is due in a week, this repayment will be interest only (i.e. no change to the minimum monthly repayment). The following month’s repayment will be the principal and interest amount.

We’ll email you a summary of your new repayment details when the request to switch has been processed.

If you have a home loan account with a BSB starting with 183

After the request to switch has been processed, your new principal and interest repayment will be effective from your next monthly repayment.

If you’re making fortnightly repayments, your switch to principal and interest repayments will be processed at the start of the next month and the following fortnightly repayment will be the principal and interest amount.

We’ll send you a summary of your new repayment details when the request to switch has been processed.

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