eChoice FAQs
Existing Customers FAQs.
Repayments,
extra repayments and lump sums |
Rates – fixing,
splitting and more. |
|
Looking after or changing
your home loan. |
About a few home loan
features. |
|
Feedback and complaints |
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Repayments, extra repayments and lump sums
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Q. When is my first repayment due?
- A. It depends on the repayment frequency you’ve chosen, and with monthly repayments, the day of
the month you settle.
- Fortnightly repayments - the first payment is due on the third Friday after settlement.
- Monthly repayments on loans settled before the 15th of the month - the first repayment is due on the first business day of the next month.
Monthly repayments on loans settled after the 15th of the month - the first repayment is due on the first business day of the second month after settlement.
- A. It depends on the repayment frequency you’ve chosen, and with monthly repayments, the day of
the month you settle.
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Q. How do I figure out my monthly repayment figure?
- A. If you know your rate, our repayment calculator can be used as a rough guide.
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Q. Should I pay monthly or fortnightly?
- A. It’s up to you, but you can only have this flexibility if you’re paying off the principal
and interest.
Fortnightly repayments work out to be 50% of your monthly contractual repayment. By making fortnightly repayments, you can actually save a decent amount of cash and really cut the term of your loan down to size.
The way it works is that over the course of one year, you’re in effect making an extra monthly repayment, which brings down your balance and reduces the interest payable.
Use our online calculators to see what you could save.
- A. It’s up to you, but you can only have this flexibility if you’re paying off the principal
and interest.
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Q. How do I make repayments?
- A. You’ve got a few options to choose from:
- Direct debit from your preferred bank account (fortnightly repayments happen on Fridays).
- Pay it straight from your salary.
- Electronic transfer from your preferred banking account.
- Transfer from your offset account (variable home loans only).
To find out more or change the way you’re making home loan repayments, give us a call on 1300 948 000 - 8am-6pm ESDT Mon-Fri.
- A. You’ve got a few options to choose from:
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Q. I have a fixed rate loan and want to know more about extra repayments.
- A. You can pay an additional 5% per year on the balance initially fixed. The year is measured
from the date you pay in some extra cash and not from the date you fixed the loan. Make sure you
don’t go over that 5%, as you may incur break costs.
- A. You can pay an additional 5% per year on the balance initially fixed. The year is measured
from the date you pay in some extra cash and not from the date you fixed the loan. Make sure you
don’t go over that 5%, as you may incur break costs.
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Q. How do I put extra money into a fixed rate loan?
- A. You can pay extra into your fixed loan by tacking on the extra $$ to your current direct
debit repayment, call us on 1300 948 000 8am-6pm ESDT Mon-Fri and we can arrange it for you.
You can pay an additional 5% per year on the balance initially fixed. If you go over this amount, note that you may incur break costs.
- A. You can pay extra into your fixed loan by tacking on the extra $$ to your current direct
debit repayment, call us on 1300 948 000 8am-6pm ESDT Mon-Fri and we can arrange it for you.
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Q. Can I do a direct debit on a non-scheduled day?
- A. If making principal and interest repayments, yes. But we can only do this for you on a
Friday.
Give us a call on 1300 948 000 between 8am – 6pm ESDT Monday to Friday and we can arrange the extra payment over the phone.
- A. If making principal and interest repayments, yes. But we can only do this for you on a
Friday.
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Q. Can I set up a direct debit from an account not in my name?
- A.
- If you’re a joint borrower it can be in the other person’s name.
- If you’re an individual borrower it must be in your name only.
- If it’s a company borrower the account to be debited may be in the director’s name.
- A.
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Q. What if I want to pay a lump sum off my home loan?
- A. If you come into some extra cash you can pay a lump sum off the variable rate portion of
your Virgin Money Home Loan. This lets you reduce the original amount borrowed (principle) so you
pay less interest over the long haul.
You can pay any amount off a variable rate home loan, and a maximum of 5% of the original fixed amount each year for a fixed rate home loan.
- A. If you come into some extra cash you can pay a lump sum off the variable rate portion of
your Virgin Money Home Loan. This lets you reduce the original amount borrowed (principle) so you
pay less interest over the long haul.
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Q. What happens if I miss a home loan repayment?
- A. Let us know straight away by calling 1300 948 000 between 8am – 6pm ESDT Monday to Friday. And if you're worried you might have trouble making ongoing payments, it’s important that we work together to help you meet the obligations under your home loan contract as you may also incur penalty fees (so please don’t be a stranger).
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Q. What if I need a short-term break from repayments?
- A. You can take a repayment holiday if you have a variable or split rate home loan. To find out more or apply for a repayment holiday, call us on 1300 948 000 between 8am – 6pm ESDT Monday to Friday.
