14-06-2017 11:07 PM - edited 14-06-2017 11:11 PM
I transferred a small lump sum from my transaction account to home loan account via internet banking thinking this would be treated as the loan principal repayment. I used to make principal payments this way when I was with ANZ before.
However, the internet banking screen shows that my loan balance stays the same and the small lump sum I transferred is appearing as "available balance". Is this treated as advance mortgage interest payment? If so, this is not what I intended. If I transfer this amount out of loan account and back into the transaction account, will it be treated as redraw and redraw fee would be charged?
Looking forward to your advice. Thanks. J.
on 15-06-2017 11:25 AM
Thanks for the question @59564938! For security reasons we can't access or discuss any personal information via the forum, so we'd need to speak with you over the phone to assist with this, if you can call our Contact Centre on 13 17 19 between 8am - 8pm your local time, or chat with us through your online banking so we can look into this for you.
As a general rule, additional payments made to your home loan above and beyond the minimum monthly repayment (if the loans is principle and interest) or interest amount (if the loan is interest only) will stay in the available balance of the home loan. Any funds in this balance are used to reduce the amount of interest that's charged to your loan.
If you'd like this balance used to reduce the principle of your loan we will require your request in writing.
This letter must contain the following;
1: Full names of all account related parties
2: Your loan account number
3: Amount you would like the loan limit to be reduced to
4: All account holder signatures (this letter must be printed and signed by hand as we cannot accept electronic signatures)
5: A day time contact number for all parties
You're welcome to scan and return your signed written instructions through your online banking via BankMail.
I hope this helps!