Support for your home loan repayment deferral

Deferring means you don't have to make any home loan repayments during the deferral period.

It's important to note that, when you defer your repayments, the interest is capitalised monthly. This means the interest you'd normally pay during a deferral period continues to accrue and is added to your outstanding home loan balance, to be paid after the deferred period. In turn, your outstanding balance increases, meaning you'll pay more interest over the life of the loan.​​

As an example, if you borrowed $350,000 with 20 years remaining at 3.5% and you deferred your repayments for two months, you’d pay an additional $1,230.35 in interest. The actual cost to you depends on your own individual circumstances.​​

When the deferral period ends, you might end up with a higher monthly repayment amount than before your deferral period.​

Taking advantage of a repayment deferral will not adversely impact your credit file for the deferral period.

When your home loan deferral ends, you need to start making repayments again.​

To help you when you restart your repayments, we’ve put together some useful information about your new repayment amount, as well as your direct debits and/or manual payments:​

Repayment amount for principal and interest repayments
Your new repayment amount is calculated at the end of your deferral period and is based on your outstanding home loan limit.

Repayment amount for interest only loans
Once your repayments restart, your new repayment amount will be calculated based on the monthly interest due on your loan.

To view your new repayment amount, log in to the Bankwest App or online banking on the repayment due date and:

• select your home loan
• in your transaction listing, the repayment amount is the interest amount debited from your account.
  

Direct debit repayments for Principle and Interest loans
At the end of your deferral period, your direct debits recommence automatically based on your new minimum monthly repayment amount. This will also apply if you previously elected a fixed repayment amount. Make sure there are enough funds in your nominated account.

If you have a weekly or fortnightly direct debit set up, you might need to make extra repayments outside of your repayment schedule to make sure your full minimum monthly repayment is paid by the due date.​

Direct debit repayments for interest only loans​
At the end of your deferral period, your direct debits will recommence automatically based on the monthly interest due on your loan. This will also apply if you previously elected a fixed repayment amount and/or weekly or fortnightly payment frequencies. Make sure there are enough funds in your nominated account.​

Manual repayments
For any manual repayments, make sure the repayment is made by the repayment due date. You can do this by transferring money into your home loan account or contacting us to set up a direct debit.

If you need help with your repayments, please call our Financial Assist team on 1300 769 173 or message us in the Bankwest App.

Those repayments build up in surplus on your home loan account – you can redraw them at any time.

However, if your home loan is in arrears, those repayments go towards the balance owing instead.