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Dunne54
Dunne54
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Home loan to be paid on a weekly basis

[ Edited ]
Posted by Dunne54 Dunne54

‎15-12-2015 05:07 PM - edited ‎15-12-2015 05:11 PM

Message 1 of 2 1,567 Views

how can I pay my home loan weekly?

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LyndsC
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Re: Home loan to be paid on a weekly basis

[ Edited ]
Posted by LyndsC LyndsC

‎15-12-2015 09:34 AM - edited ‎27-07-2017 10:37 AM

Message 2 of 2 1,558 Views

Hi @Dunne54, while you can certainly make weekly payments into your home loan account, the interest can only be raised monthly.

By making payments more frequently however, the funds will sit in the available balance until the day your minimum monthly repayment is deducted from this. The available balance will offset your home loan interest, meaning less of your payment will go towards interest and more towards paying off the principal of the loan.

 

If your payments are direct debited currently, you'll just need to give us a call on 13 17 19, and we can change the frequency of payments.

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Bankwest SWIFT code: BKWAAU6P
© 2019 Copyright Bankwest, a division of Commonwealth Bank of Australia (Bankwest) ABN 48 123 123 124 AFSL / Australian credit licence 234945. All rights reserved. To use this Website, you are required to read the Financial Services Guide (which you agree to be provided by accessing the link). Bankwest is a division of Commonwealth Bank of Australia, which is the product issuer unless otherwise stated. Rates stated are subject to change without notice. Any advice given does not take into account your objectives, financial situation or needs so please consider whether it is appropriate for you. For deposit and payment products, please ensure you read and consider the Product Disclosure Statement (which you agree to be provided through this link) before making any decision about the product(s). For lending products, lending criteria and fees and charges apply. Terms and conditions apply and are available on request.