Can I increase my Unloan home loan repayments?

Here a guide on how payments are calculated, how to setup payments and how to setup AutoPay.

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:

1. Make manual payments using your BSB and account number from an external transaction account
2. Set up a recurring payment from an external transaction account if your bank supports this
3. 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.

1. Log into app.unloan.com.au
2. Select the ‘Set up AutoPay’ prompts on the home page
3. 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
4. If you have a co-borrower, they will need to log in and confirm
5. Select 'Done'

AutoPay makes paying your loan more convenient, you can find a more detailed step-by-step guide here.

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This article is intended to provide general information only. It does not have regard to the financial situation or needs of any reader and must not be relied upon as financial product advice. Please consider seeking financial advice before making any decision based on this information.‍

Unloan is a division of Commonwealth Bank of Australia.

Applications are subject to credit approval, satisfactory security and you must have a minimum 20% equity in the property. Minimum loan amount $10,000, maximum loan amount $10,000,000, and total borrowings per customer across all Unloan loans is $10,000,000. (For purchase loans a minimum 10% equity is required - however a Lenders Mortgage Insurance (LMI) premium and higher interest rate apply. In some cases, depending on the property’s location or type, an LMI premium may also be required for LVR between 70.01% to 80%). For loans with Lenders Mortgage Insurance (LMI) the minimum loan amount is $10,000, maximum loan amount is $3,000,000 and total borrowings per customer across all Unloan loans is limited to $3,000,000).

Unloan offers a 0.01% per annum discount on the Unloan Live-In rate or Unloan Invest rate upon settlement. On each anniversary of your loan’s settlement date (or the day prior to the anniversary of your loan’s settlement date if your loan settled on 29th February and it is a leap year) the margin discount will increase by a further 0.01% per annum up to a maximum discount of 0.30% per annum. Unloan may withdraw this discount at any time. The discount is applied for each loan you have with Unloan.

*At Unloan, we do not charge any annual, application, banking, account, transaction, late or exit fees. In certain circumstances you may be required to pay a Lenders Mortgage Insurance (LMI) premium. Learn more about why this is applied and how it works. Government fees may also apply. Learn more about government fees here. Your current lender may charge an exit fee when refinancing.