At Unloan, we believe home loans should be easy to get, and easier to live with. To help you get the most from your Unloan account, here are some things to know about how payments are calculated and accepted.
How are my payments calculated?
Weekly and fortnightly payments are calculated on a 4-week month. For example, if your minimum monthly repayment was $2000 then your fortnightly repayments would be $1000 and your weekly repayments would be $500. Most months have a few extra days than this so the additional payments you make will stay in redraw which will help reduce your interest.
How can I make a payment?
You can easily manage your monthly loan payments by adding funds to your redraw facility, which is automatically debited on your settlement anniversary each month. To add funds, simply go to ‘Settings’ on your account. You can make add payments into your redraw account in the following three simple ways:
Make manual payments using your BSB and account number from an external transaction account
Set up a recurring payment from an external transaction account if your bank supports this
Set up AutoPay in your Unloan account
If you bank with CommBank, your payment should be processed on the same day. Otherwise, payments from other banks typically take 2-3 business days to process.
For co-borrowers, your Unloan account has enhanced security measures. If you intend to make a payment from your redraw account and have a joint account, the co-borrower must log in to their account and approve the transaction.
How do I set up an AutoPay?
With our AutoPay feature, you can conveniently schedule recurring payments from your existing transaction account directly into your Unloan redraw facility. (Please note that you will not be able to set up AutoPay using Savings or Business accounts). You have the option to choose weekly, fortnightly or monthly payments, but your monthly repayment date starting from the date of your loan settlement cannot be modified.
AutoPay is like a direct debit. You can choose when and how often you transfer automatically from your bank account, no matter where you hold that account.
Log into app.unloan.com.au
Select the ‘Set up AutoPay’ prompts on the home page
Choose a start date, how often you’d like to pay, your other account details and the amount you’d like to pay each time
If you have a co-borrower, they will need to log in and confirm
AutoPay makes paying your loan more convenient, you can find a more detailed step-by-step guide here.