You can set-up repayments so they automatically adjust to your minimum monthly payment. This means when interest rates decrease or increase your payments change to reflect the new interest rate. To arrange this feature, send us a secure email via Internet Banking or contact us.
Loan repayments should always be made by the due date. If you’re unsure of your due date, you can find it in your loan contract, via internet banking or please get in touch with us.
For new loans, your first full payment needs to be made by the payment due date, which is a month following your loan settlement date.
If it suits, you can pay your loan weekly or fortnightly, just make sure you have paid the full amount by your monthly due date. If you’re paying weekly for example, you will need to make four weekly payments by the monthly due date (monthly payment divided by four) or two payments if paying fortnightly (monthly payment divided by two).
Failure to make your loan payment in full by the due date will normally result in a Default Administration Fee (shown as Default Admin Fee on statements) and could harm your credit rating. These fees are detailed in your loan contract.
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