What are monthly repayments?
Your monthly repayment is due on the same day each month, the anniversary of the day you settled your Unloan home loan. You might also see it called:
Minimum monthly repayment
Min. repayment
Required minimum repayment amount (RMRA)
Next repayment
Each repayment includes a:
Principal portion: a payment towards your loan balance
Interest portion: a payment to cover the cost of borrowing that money
Your interest is calculated daily based on your loan balance. If you’ve got funds in redraw, they’ll reduce your loan balance and help lower the interest you pay.
A few things to note:
Your monthly repayment date cannot be changed
If your monthly repayment date falls on the 29th, 30th or 31st, and the month has fewer days, we’ll process your repayment on the last day of that month.
How can I pay my Unloan home loan?
You can transfer money into your Unloan home loan using any of these options:
Bank transfer: Use your home loan account’s BSB and account number to send funds from another bank.
Recurring payments: If available, set up a regular transfer from your other bank account.
AutoPay: Activate AutoPay in the Unloan app to automate your repayments.
Any money you deposit will sit in redraw and go towards your minimum monthly repayment on your scheduled repayment date.
What is AutoPay?
AutoPay is a simple way to schedule recurring payments from your bank account into your Unloan redraw. It works like a direct debit, and you can choose a weekly, fortnightly or monthly frequency.
You can set it up from eligible personal transaction accounts, and choose:
How often you want to pay
The amount you want to pay
The date you want to start
Your payments will sit in redraw until your scheduled repayment date. You should take note of your monthly repayment date to ensure there are enough funds in redraw to meet your minimum payment amount.
Why AutoPay helps
AutoPay helps you ensure your repayments are covered, no last-minute transfers needed. And if you choose weekly or fortnightly payments, you’ll build up your redraw balance sooner, which helps reduce your interest.
Here’s how:
Payments made before your monthly repayment date sit in your redraw
Your redraw reduces your loan balance
A lower loan balance means less interest charged
For example, if your loan is $500,000 and you have $100,000 in redraw, you’ll be accruing interest on $400,000.
How is AutoPay calculated?
If you choose a weekly or fortnightly AutoPay frequency, we base your AutoPay payments on a 4-week month. For example:
Monthly repayment = $5000
Fortnightly repayment = $2500
Weekly repayment = $1250
Most months have a few extra days, so those extra payments go into redraw and help reduce your interest.
Check out the below image for a handy visual of how a fortnightly AutoPay might work with your monthly repayment.
The figures in the above image are provided as an example only and don’t show interest savings.
Need help?
The easiest way
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Prefer email or phone?
No problem. You can also contact us:
Email: [email protected]
Phone: 1300 630 000