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 loans
If you’ve got a variable loan you can make as many extra payments as you want, with no penalty whatsoever.
 
Fixed-rate loans
If you’re on a fixed-rate loan, you can make up to $30,000 in extra payments during the fixed-rate period; going above that amount will attract a penalty fee. (Of course, once the loan reverts to a variable rate, there’s no extra payment limit.)

Making your extra repayment

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, and select ‘transfer between accounts’

  3. For the ‘pay from’ field choose your nominated account

  4. Pick your personal loan account for the ‘pay to’ field

  5. Fill in the rest of the transfer details and hit ‘continue’, and then confirm the payment.

Making a normal transfer

Just 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.


  • Was this helpful?
  • Yes
  • No