Residential policy
Overpayments
Customers can make affordable regular overpayments. To arrange additional funds to be collected with their monthly payments, customers need to contact us directly.
Following a product transfer or if the product is ported then the regular overpayment arrangement will be removed and will need to be set up again.
Lump sum payments
Lump sum overpayments are allowed up to 10% of the mortgage balance during each year of the concessionary rate product without incurring an early repayment charge.
It is important to note that your customer's contractual payments will not reduce following receipt of either a regular or lumpsum payment. These funds are available for customers to access outside of their concessionary rate period via product features for payment holidays and borrow back. To access a payment holiday or borrow back, customers must contact us directly.
If customers wish for their contractual payments to be reduced following an overpayment, this can be arranged upon request directly with us, noting that onward access to payment holidays and borrow back will not be available.