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How to set up and manage your home loan repayments

Read time 3 min
You can set up and manage home loan repayments either in the Bankwest App, through online banking, or by contacting us.

Setting up repayments

Scheduling repayments yourself

You can set up scheduled payments from a Bankwest account to your home loan in the app or online banking. If you want to set repayments from an account with another financial institution, check with them to see how you can set up regular repayments.

Setting up automatic direct debits

We can set up an automatic direct debit to pay your home loan from any bank account, message us in the app to get started.

Managing repayments

If you’ve set up repayments yourself from a Bankwest account, use the app or online banking to change your scheduled payments.

For direct debits we’ve set up for you, message us in the app or give us a call.

Increasing repayments

Increasing your repayment amount is a way to help you reduce your home loan interest and pay off your loan faster. You can make unlimited extra repayments to your Bankwest variable rate home loan and up to $10,000 extra per year if you have the Bankwest fixed rate loan.

Decreasing repayments

If you’ve built up a surplus on your loan through extra repayments, you could choose to reduce your repayment amount. Keep in mind that you’ll want to continue paying at least the minimum monthly repayment to ensure you repay your loan by the end of the term. Also, be aware that reducing your repayment will result in paying more interest.

Changing repayment frequency

You can make weekly, fortnightly or monthly payments towards your home loan, if you’re making principal and interest repayments.  If you have an interest only loan, you can only make monthly repayments.

No matter how frequently you make repayments, you’ll need to make sure that you’re still repaying at least the amount you have to each month to meet the terms of your home loan contract – the minimum monthly repayment amount.

Manage through the app or online banking

In the app

  1. Go to ‘Money’, then ‘Payments’
  2. Tap the upcoming payment you want to change, scroll to find ‘Edit payment’
  3. Update the details you want to change and follow the prompts to confirm.

In online banking

  1. Select ‘Payments’, then ‘Scheduled payments’
  2. Select the payment you want to update, then ‘Modify’
  3. Update the details you want to change and follow the prompts to confirm.

For direct debits we’ve set up for you, message us in the app or give us a call.

Common questions

We’ll send you a new Account Position Statement which will include your new minimum monthly repayment. Refer to the Account Position Statement for more information about what you need to do.

If your loan has been set up so two or more people need to authorise changes and repayments, message us in the Bankwest App to discuss your options.

You can apply to switch from principal and interest repayments to interest only by speaking with a Home Loan Specialist.

An interest only home loan allows you to make repayments only on the interest amount for a set period (usually one to five years).

However it results in higher overall interest payments, and the interest only rate may be higher than your current principal and interest rate. You’ll also want to be aware of fees and charges, including break costs for fixed rate loans.