Making extra repayments on your home loan.
Come into some extra cash? Paying off part of your loan early can have a big impact on your interest down the line.
Variable-rate home loans
If you’ve got a variable loan you can make as many extra payments as you want, with no penalty whatsoever.
Fixed-rate home loans
If you're on a fixed rate, there are limits on how much extra you can repay during the fixed-rate period. The amount allowed depends on the type of home loan you have.
| EconoME or CompleteME Home Loan |
You can make up to $10,000 in additional repayments each year during the fixed-rate period. Any amount above this limit may incur a fee.
|
| Flexible Home Loan |
You can make up to $30,000 in additional repayments during the fixed-rate period. Any amount above this limit may incur a fee. |
Making your extra repayment
You can make a transfer to your home loan the same way you would to any bank account.
If you need help making a transfer from a non-ME account, it’s best to get in touch with the relevant financial institution.
EconoME or CompleteME Home Loan
If you want to make a one-off payment you can transfer into your home loan account in the ME Go app by following these steps.
1. Log into the ME Go app.
2. Tap the arrow icon in the bottom menu.
3. Tap ‘Transfer between accounts’ from the menu.
4. Select the ‘From’ account you would like to move the money from.
5. Select the ‘To’ account you want to put the money into.
6. Enter the transfer amount and
7. Choose when you’d like to make the transfer.
8. Select ‘Next’.
9. Click on the ‘Confirm and transfer’ button to make the payment.
Or if you would like to make a regular additional repayment you can update your repayment amount in the ME Go app.
1. Log into the Me Go app
2. Select the home loan you would like to make the additional payment to.
3. Click the ⋮ icon and select manage home loan account.
4. Select Manage Repayments.
5. Select update repayment details.
6. Select if you would like to make a fixed repayment or a minimum + extra amount.
Flexible Home Loan
There are three ways to make your extra repayment transfer:
- ‘Push’ the money from your nominated account to your home loan account
- Use ME’s internet banking to ‘pull’ the money into your loan account from your nominated account, even if your nominated account isn’t with ME.
- Make a regular transfer into your home loan account from any other account.
Making a ‘push’ payment
Just make the payment from your nominated account into your home loan account. Here’s how to make a transfer from a ME account.
For non-ME account transfers, get in touch with your financial institution.
Making a ‘pull’ payment
You can use internet banking to ‘pull’ a payment from your nominated account into your home loan account:
1. Log in to internet banking
2. Click on ‘pay & transfer’ at the top of the page,
3. Select ‘transfer between accounts’
4. Choose your nominated account from the ‘pay from’ field
5. Pick your personal loan account for the ‘pay to’ field
6. Fill in the rest of the transfer details and hit ‘continue’, and then
7. Confirm the payment.