Keeping up with your home loan repayments

Life is full of changes so it’s sometimes hard to keep up with everything that’s going on. Occasionally, we just have to stop and check that the important things aren’t falling by the wayside – like making sure we’re keeping up to date with changes to minimum home loan repayments when interest rates are rising.

We’ll always let you know about changes to your home loan in writing. We send out two notifications the first is to advise of the rate change and when it will take effect. The second is to advise you of the details, such as what the new repayment amount will be and when it will start.

But with a lot happening all around us, it’s easy to miss the information, which is when things can fall behind.

If you manually manage your home loan repayments, here’s a little checklist to help you make sure your payments stay up to date and you don’t end up with an unwelcome surprise.

• If you choose to receive letters by the post, please make sure you’re opening and reading your mail. You’ll receive two letters when interest rates are set to change.
• Check your email inbox for any notices from MyState. All our customers who have chosen to receive e-statement notifications will also receive their loan notifications by email.
• Log into Internet Banking or your app and check you have the correct amount set up to cover the minimum repayments. (Sometimes it’s easy to overlook these things).
• If you have payments set up through your employer, make sure you advise them of the new amount that needs to be paid from your salary.

The letter with your new repayment details also contains other useful tips to make sure you’re keeping on top of your minimum loan repayments. We recommend having a good read through so you don’t fall behind on your loan.

We’ve prepared a list of Frequently Asked Questions (FAQs) to help you understand and work through what this may mean to you.

If you’re unsure about your situation or can’t find your notifications, we’re always here to help, so you can find out by sending us a message via Internet Banking or contact our friendly Customer Care Team on 138 001.