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  1. #11
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    Default Home loan payments - sorry, but do you think this is right??

    Is your interest charged on a different day to your repayment?

  2. #12
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    Default Home loan payments - sorry, but do you think this is right??

    Quote Originally Posted by Pesca77 View Post
    If your loan has a redraw facility and you've definitely paid $1550 extra - why not just redraw $1500 and then leave it in your bank account for your normal Jan date deduction??

    If they are going to be a pain about using the extra funds for a repayment, just do it the old fashioned way! My bank does this too, even if I'm ahead they won't automatically use that for my 'normal' deductions.
    Yes, we've had to do this several times as our mortgage requires we pay the minimum payment each month, even if we are ahead,

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    Default Home loan payments - sorry, but do you think this is right??

    I would redraw the$1500 and have the bank direct debit it ( or how ever you usually pay )

  4. #14
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    Quote Originally Posted by Pesca77 View Post
    If your loan has a redraw facility and you've definitely paid $1550 extra - why not just redraw $1500 and then leave it in your bank account for your normal Jan date deduction??
    .
    This is what i told them i was going to do, but they have a mininum redraw of $2000 - and i only have $1550. So if i was to add another $450 to it, i could redraw it all, but after following their advice in the first place, i wouldn't trust that i could get back my $2000

  5. #15
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    Default Home loan payments - sorry, but do you think this is right??

    Do you physically transfer the repayment or does it automatically debit from your linked account?

  6. #16
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    Quote Originally Posted by MummaOJ View Post
    Is your interest charged on a different day to your repayment?
    Yes! Our monthly repayments come out on the 7th and our interest comes out on the 30th or 31st of every month.

  7. #17
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    Default Home loan payments - sorry, but do you think this is right??

    Has your available credit ever reduced based on the interest payment? Or has it just affected the amount owed?

  8. #18
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    Quote Originally Posted by NancyBlackett View Post
    Do you physically transfer the repayment or does it automatically debit from your linked account?
    Our wages and savings go into another bank that we use on a regular basis. Our home loan is with a different bank and we don't use the savings account because it's not our regular bank.

    The bank we do "bank" with direct debits our fortnightly amount across to the bank we have our home loan with.

  9. #19
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    Default Home loan payments - sorry, but do you think this is right??

    So provided you have available credit in your home loan account you should be able to adjust payments into the account - so the bank won't debit the account that you use to make the regular payments into the account if you ring time now.

    Similarly, based on what you have described, I don't think - even if they do debit you account for the payment - the interest charged will affect the amount in your redraw facility and you will be able to use it for your January repayment.

  10. #20
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    Quote Originally Posted by NancyBlackett View Post
    Has your available credit ever reduced based on the interest payment? Or has it just affected the amount owed?
    If i'm lookng at my statements the right way, then my available credit has never reduced based on the interest charge that gets brought forward at the end of each month, and looks like it gets added to the amount owed.

    Each fortnight when i make my repayment, it automatically gets reduced from my amount owed and brings my loan down, but on the 30th/31st of each month when i am charged interest it brings my loan back up.

    My available re-draw goes down once my monthly repayment has been taken.

    Does that make any sense? as i'm finding it hard to explain


 

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