Adjust your home loan repayment

Adjust your home loan repayment

For principal and interest home loans, adjusting your repayments is now much simpler.

You just need to:

If you don’t already have a direct debit set up, follow the steps to set up a direct debit.

 


Choose from these repayment options

  • Pay only the minimum amount required - which could free up extra cash
  • Pay more than the minimum - and over time you could pay your loan off sooner
  • Change the frequency - you can make monthly, fortnightly or weekly repayments
  • Interest Only Repayments- See Choosing the right repayment type.

Use our repayment calculator to see how these changes could affect your repayments.

You can change the repayment amount and frequency in a few simple steps using Online Banking or the Westpac App.

In the Westpac App

  1. Search Direct Debit in the Smart Search bar
  2. Tap the loan you want to adjust or manage
  3. Select the account to be debited
  4. Follow prompts to choose frequency and amount
  5. Choose Direct Debit starting day. Based on your next contractual date and the starting day chosen, select starting date from options
  6. Review and submit.

In Online Banking

  1. Select your home loan
  2. Select More > Manage direct debit
  3. Select the loan you want to adjust or manage
  4. Select the account to be debited
  5. Follow prompts to choose frequency and amount
  6. Choose Direct Debit starting day. Based on your next contractual date and the starting day chosen, select a starting date from options
  7. Review and submit.


If the debit account is a joint account, any other account holders will need to approve this request within the next 5 days.

Once submitted and approved by all account holders, your request will be processed within 2 business days. You can find the details of this request in your message inbox. We’ll notify you once the request has been completed.

Any questions, call us on 132 558.

Repayment changes with an interest only loan

You’re unable to change the amount or frequency of your repayments. You can set up or cancel an existing direct debit via Online Banking or the Westpac App.

However, if you'd like to make separate, additional repayments on an interest only home loan, just sign in to Online Banking and set up a recurring payment.

Not registered for Online Banking?

Prefer to nominate direct debit payments from a non-Westpac account?

Download, complete and share the relevant Direct Debit Request Form below by:

Change your loan repayment request - for principal and interest home loans (PDF 664KB)


Note that Step 3 is where you specify adjustments to your repayments.


If you're experiencing financial hardship, find out how Westpac Assist can help or refer to our Home loan repayment options article.

Like to know more?

Get in touch and speak to one of our home loan experts:

  • Call us on 132 558 (8am to 8pm, 7 days a week)