FAQ: Loan Maintenance – Post Settlement

Who do I speak to if I have a question / problem after the loan settles?
If you can’t find the answers to your questions on-line you do have the option to Email Us or phone on 1300 739 585

When do I have to make a payment?
Your 1st payment will be due on the 1 month anniversary of settlement of your loan. Eg if your loan settled on 1st November your 1st repayment would be due on 1st December. After this intial payment you do have the option of changing your payment frequency to weekly or fortnightly (standard variable loans only).

Can I pay lump Sums?
Most certainly lump sums can be made on-line from your nominated bank via direct credit or using B-pay. You can nominate to have these lump sums credited for 1 calendar month against your standard repayment or opt to pay in addition to your regular standard repayment – getting rid of your loan sooner.

Can I pay my salary direct into the loan?
Yes – simply contact your payroll officer with your biller code details (these are obtained through your on-line account after settlement).

Can I make changes to my payment frequency?
Yes you have the ability to change your payment frequency from weekly, fortnightly and monthly. It is also possible to nominate day and date of repayments.

Do I have to change my banking details?
No. If you have a banking account you will not have to change although Credit union accounts are not acceptable.

What is redraw? Is there a minimum redraw amount?
Redraw is a repayment made over and above your minimum repayment. Borrowers have the ability to access this money with no minimum amount required.

Can I top up my loan at any stage?
Yes top up loan applications can be made to any loan facility. To obtain a top up or increase to your loan facility you will need to submit a top up application form and supporting documents.

How will I receive bank statements?
Bank statements are sent to all borrowers twice annually. One in July and the other in December. If you require interim or duplicate statements you have the ability to reprint statements on-line through your on-line loan account.

Will Resident Home Loans take second mortgage as security?
No Residential Home loans require 1st mortgage as security.

If I need to change my banking details, how do I do this?
To change banking details simply download a direct debit request form from your on-line account downloads. This form can be faxed to us on 1300 739 586 to be processed. We will require the original signed copy within 30 days of processing the request to ensure the new account details are kept on file.

How do I obtain a PIN for managing my account on the internet, how long will it take to arrive?
Your on-line / phone access details will be issued to you within 10 working days from settlement.

Can I fix a portion of the loan?
Yes you can nominate to split a portion of your loan facility to a fixed interest rate.

How long can I fix my loan for?
The maximum fixed interest period is 5 years. Applicants can nominate interest only or Principal and Interest repayments during this period.

Can I transfer funds from one loan account to the other?
Yes. Using your on-line account system you can transfer funds between accounts.

If I have mortgage insurance, does this protect me if I lose my job?
Although all Resident Home Loans require mortgage Insurance – this insurance protects the Lender not the borrower. It is a good idea to take out mortgage insurance or income protection insurance. You will only be required to pay the mortgage insurance if the LVR is above 80%.

Fees and Charges FAQ