Read through our FAQs to find out more about Aussie Select

Congratulations on settling your home loan! Once you’ve celebrated finalising your home loan and property purchase or refinance, it’s normal to feel a bit nervous about what comes next.
 
Don’t worry! We’re here to help with any questions you might have. We’ll be in touch to provide you with your online banking details and you’ll have the opportunity to chat with us to confirm your first repayment details. You can also expect a letter confirming all of the details from settlement for your records to arrive within 2 weeks after settlement.

When you’re ready, log in to your online account or get in touch for further assistance.

You’ll receive statements every six months in January and July for the previous six months. You can view your statements by logging into your online account and choosing the ‘Statements’ menu.

Select ‘View statements’ and you’ll find a list of available statements to view or download. To request a custom statement, you can send us a secure message within your online banking account.

Our team is available by phone or email and can help you with:

• General enquiries about your home loan
• Changing personal details
• Managing your repayment
• Re-fixing your loan or changing your loan from variable to fixed 
• Changes to your loan balance (top-ups)     
• Interest Only repayment applications
• Custom statement requests

Forms for the following requests can be found in your Aussie Select online banking account:

• Third party access   
• Product switch    
• Changes to your direct debit       
• Redraw request
• Limit reduction (disabling access to part or all of your available redraw)

Your Aussie Broker is the best person to speak to about:

• Your goals and next steps
• Making sure your existing home loan still meets your needs
• Insurance needs
• Finance for other needs such as personal or work vehicles, business assets or equipment, renovations and more

Making additional repayments into your loan is a great way to pay off your home loan faster, however it’s important to be clear on what this means for your loan type.

Variable rate home loan:

If you have a variable rate home loan or loan split, you can make unlimited additional repayments into your home loan. If you have a redraw feature on your home loan, you may also be able to withdraw these additional funds if you need them. Please note that adding funds into your loan account, or withdrawing them, may affect your minimum monthly repayment.

Fixed rate home loan:

You can make additional repayments into your fixed rate home loan or loan split, however there will be a limit on how much you can pay each year. Fees may be applicable for paying more than the allowed amount. It’s also important to note that any additional repayments will be locked into your loan during the fixed term and you won’t be able to withdraw these.

Please note, for Aussie Select fixed rate home loans, you can make maximum repayments of up to 5% of your loan balance per year. 

If you’d like to make a change to your loan repayments, call us on 13 13 33 to discuss your available options

Fixed rate home loans provide a guarantee that the interest rate won’t change for the time period chosen, giving more certainty over your repayments.

If you’d like to make particular changes to your loan, refinance or sell your property before the fixed rate term ends, you will need to pay a break cost fee. This fee is based on costs at the time of making a change to your home loan and can be significant.

Speak with us on 13 13 33  to discuss what options are available for your needs.

Interest only repayments are often used by home owners and investors looking to manage their cash flow and for tax purposes. It means you'll only pay the interest that is being accrued and charged to your loan.

Selecting an interest only loan means that:       

• Your contractual repayments will not reduce the loan principal, which means your repayments won’t contribute to increase equity in your property during the interest only period       
• Your loan could have higher interest rates than loans that require repayment of both the amount borrowed and the interest
• At the end of the interest only period, principal and interest repayments will be required. These repayments will be higher than if you had been making principal and interest repayments from the beginning of your loan

Our credit teams are required to assess your eligibility for interest only repayments. If you’d like to discuss applying for interest only, call us on 13 13 33.

Have your home loan needs changed? Before considering refinancing, you might want to discuss what options are available, for example, making changes to your repayments or your loan type.

One option may be a top up or principal increase, which can provide you with funds without the need for credit cards, personal loans or other finance, which may come with higher interest rates.

Our credit team will need to approve your top up and it may depend on:

• If top ups are available for your existing loan type
• The amount of equity available in your security property
• Your ability to make additional principal and interest repayments

Speak with your Aussie Broker to discuss what options are available to meet your needs or get started on your top up application.

Are you refinancing with your Aussie Broker? Your broker will be able to guide you through the process of discharging your existing loan for a smooth experience.

If you’re not using an Aussie Broker, call us as soon as possible to chat through the process and get your discharge sorted.

You’ll need to complete and sign a discharge form to get the ball rolling. On the form, you’ll be asked to provide contact details for the discharge, which will usually be a representative for your new lender. Ask your broker or lender for help if you’re not sure who this contact might be.

A discharge can take up to 21 days, so don't wait until the last minute. A partial discharge can sometimes take longer depending how complex the details are.