on 25-03-2017 10:32 AM
on 29-03-2017 07:51 AM
Hi @Davew, thanks for contacting us in regards to this. Whilst interest is not earned on a home loan, any amount showing as available is assisting to reduce the amount of interest you are paying. An available balance is any amount you have paid into the loan, over and above your required minimum monthly amount. As long as the minimum monthly repayment amount is showing as available in full by the monthly due date, you can request to access any remaining funds should you want to. Hope this helps
a week ago
Could I ask the Bank to reduce my balance taking the amount available?
I mean instead of having available for my use I prefer to reduce my loan
a week ago
Hi @Darali, this is certainly an option.
Your request does need to be in writing, and must contain the below information:
- Customer names (for all account holders)
- Loan account number
- Reduction amount or new limit (e.g. Reduce the limit on our loan by $50,000 or Reduce the limit on our loan to $200,000)
- All account holder signatures
This will need to be sent via Fax to 1300 130 885, or via post to PO Box E237 Perth, 6841 marked 'Attention HLT, Returns and CMS Team'. There is then a 10 business day turn around time for this to be actioned.
Hope this helps!