How are my home loan repayments impacted when the interest rate on my variable rate home loan increases?

• In the event of a rate increase, the new interest rate will apply from the rate effective date.
• If you make Principal and Interest repayments, your minimum required repayment amount won’t increase straight away. We’ll always give you at least 20 days’ notice of any increases to your home loan repayments.
• If you make Interest Only payments, the interest payable will increase from the rate effective date. We’ll update your direct debit for you, so you’ll need to ensure you have enough money in your direct debit account to cover the increased amount.
• If you have a line of credit, the interest payable will increase from the rate effective date.
• You can view your current interest rate at any time in NetBank or the CommBank app.
• Your new interest rate will be visible in Netbank and the CommBank app the day after the rate effective date.

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• Your home loan repayment amount is based on how much is owing on the loan, as well as any ongoing fees, the interest rate and the loan term.
• We regularly recalculate your loan repayment amount to make sure you’re able to repay the loan in the remaining loan term.
• In the event of a rate increase, your minimum required repayment amount may also increase. This depends on how much the interest rate has increased, and the difference between your current minimum required repayment amount and the new minimum required repayment amount.
   

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• If your home loan repayments increase, we’ll include a message in the transaction history of your statement and also send you a letter
• In most cases you’ll also receive an email and a notification within NetBank and the CommBank app
• You’ll also be able to see the new minimum required repayment amount in your Home Loan Account Information page in NetBank and the CommBank app on the new minimum required repayment amount effective date.
   

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• If you have a direct debit, we’ll update this for you so you can meet your repayment obligations. You’ll need to ensure you have sufficient funds in your direct debit account. You can see and manage your repayments in your Home Loan Account Information page in NetBank and the CommBank app. Keep in mind, you won’t be able to make any changes until the new minimum amount is effective.
• If you pay by salary credit, NetBank transfer or any other way, you’ll need to increase the repayment amount yourself.
   

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