How to setup AutoPay

What is AutoPay?

Setting up AutoPay is a great way to ensure that you never miss a repayment.

There are two things to consider before using AutoPay:

• The amount you nominate using AutoPay must be equal or greater than the minimum monthly repayment for your home loan.
• If you have a joint account, when setting up or making any changes to AutoPay, it must be approved by all the account co-borrowers.

Co-borrowers will receive an email for their approval and can confirm their acceptance by logging into app.unloan.com.au.

Once AutoPay is set up, your direct debits will be debited from your chosen account on the date you have set. Typically, it takes 2-3 business days before the transaction changes from 'Processing' to complete.

How to setup AutoPay in six simple steps

Step 1: Log into app.unloan.com.au and click on your Account.

Step 2: You can select to start the AutoPay setup in three ways:

• Click on the AutoPay email we’ve sent you
• Click on AutoPay notification in your account
• Click on ‘Set up AutoPay’ on the home page of your account

Step 3: After selecting to setup AutoPay, select your repayment frequency from a drop-down list.

Step 4: Select an account from which the direct debits will be withdrawn from.

Step 5: Enter a date to commence payments.

Please note that the debited amount set cannot be lower than your minimum monthly repayment or the amortised amount for the frequency period you select.

Step 6: Read the Direct Debit Request Service Agreement and if you’re happy to proceed, ‘Confirm’ your AutoPay Summary.

If you have a co-borrower

1. The co-borrower will receive a request for approval via email.
2. To approve the request by logging into app.unloan.com.au clicking ‘View’ on the AutoPay notification card on the dashboard.
3. Click ‘Approve’ if they are happy to proceed.
4. Click ‘Done’ to close the summary.

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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.