For principal and interest home loans, you can change your repayment amount and frequency yourself in a few simple steps, as long as you’re debiting a Westpac account in your name.

Update your repayments here, or follow these instructions:

• Westpac App: Search home loan direct debits in the Smart Search bar > Tap your home loan > Follow the prompts
• Online Banking: Select your home loan > Select More and then Home loan direct debit in the dropdown > Select your account and follow the prompts

Good to know: You can’t adjust repayments on interest-only loans, but you can make separate additional repayments if you set up a recurring payment.

Instead of a direct debit, you can set up a recurring or repeat repayment. This is a fixed payment amount scheduled for a set number of times or frequency.

If your home loan repayment changes, you’ll need to update it yourself. This is different from a direct debit that automatically updates if changes occur. You can cancel, pause or adjust the amount up to one day before the payment date.

How to set up a recurring payment

Your fixed rate home loan will automatically roll onto our variable interest rate when your term ends, unless you re-fix beforehand. We’ll mail you a letter 6-8 weeks before your fixed rate ends, detailing your options and what your new repayments could look like.

You’ll also be able to view your options in the Westpac App or Online Banking: Sign in and select your home loan > Select Account details > Select View options.

More on what happens when your fixed term ends

If the interest rate on your home loan changes, we’ll inform you about your new repayment amount and when that repayment comes into effect. If you’ve opted to receive Digital Mail, and receive a letter, it will be sent to your Online Banking inbox.

To find your Digital Mail:

• Westpac App: Tap Profile in the bar menu > Tap Inbox.
• Online Banking: Select the Notifications tab > Choose Messages from the drop-down list.
• How to switch to Digital Mail
• Latest interest rate changes

If the account you want to direct debit from isn’t with Westpac, you’ll need to send us one of the below forms:

• Principal and interest home loans - Direct debit request form
• Interest only home loans - Direct debit request form

Either:

Scan and email to: loanmaintenance@mortgage.westpac.com.au

Or drop it off at your local branch.

You can apply for interest-only repayments on any of our variable or fixed rate loans. Owner-occupiers can apply for interest-only repayments on an existing home loan for up to 5 years over the life of the loan. For an investment loan, interest-only repayments can apply for up to 15 years, subject to approval and eligibility criteria.

To change from principal and interest repayments to interest-only, you’ll need to contact us to apply. Your lender will want to make sure you can repay the loan at the interest-only rate, since it’s generally higher.

When your interest-only term ends, you’ll be automatically switched to principal and interest repayments. You might be able to apply for another interest-only term – get in touch with our home loan specialists to discuss.

• More on interest-only repayments
• Principal and interest vs interest-only repayments

If your circumstances have changed and you need to reduce your payments for some time, then we could help.

Repayment Holiday

Ahead on your home loan because you’ve made extra repayments? If you need to, you can arrange to skip repayments or repay less, as long as your ‘available’ funds are enough to cover your minimum scheduled repayment. Could be a handy if you’re expecting less short-term income or more expenses.

Reduced Repayments

Had your home loan more than a year, and going through a key lifestyle event, like parental leave? You could apply to lower your minimum repayment by up to 50% for up to 12 months. But, when this time ends, your repayments will increase to ensure you repay your loan within its original term. Conditions, eligibility, and suitability criteria apply.