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Loan repayments coming straight off the balance owing ????

Posted by Julie70 Julie70
Message 1 of 2 1,094 Views

Morning,

 

My partner and I have a bankwest equaliser home loan account. I just wanted to know why when our repayments are made that it doesn’t just come straight off the outstanding balance of the loan. 

Instead the amounts paid just sit there. I have been told that we have to reduce the loan limit.

Why should we have to do this for ?????

 

Cheers

 

Julie 👍

 

 

 

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Re: Loan repayments coming straight off the balance owing ????

Posted by MegB MegB
Message 2 of 2 1,068 Views

Hey @Julie70, generally any additional payments made to your above the minimum monthly repayment (MMR) will sit in the available balance offsetting the interest charged, remaining available for you to access when needed, as we're contracted to debit only the MMR each month.
Should you want us to remove the available balance to reduce the limit of the loan, we do require your request in writing.

If you'd like to discuss this further, please log into your online banking and hit the 'Message us now' button (or the 'Ask us' button if you use our app). Our Messaging Team are available 24/7 365.

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