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Moving to Monthly Repayments

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One of the things that our new system does differently is that it will processes repayments monthly.

To assist with the smooth migration of loan accounts in October we have now changed all customers on a weekly or fortnightly repayment to monthly in the DA system - with a repayment due date of the last day of the month.

Their first monthly repayment will come into effect on 31 August.

Do customers need to do anything?

This is a system change only – customer making weekly or fortnightly payments can continue to do so – They don’t need to do anything.

If they continue to make their repayments as they have been, they will meet their minimum monthly repayment amount by the last day of each month.

A letter to these customers will be received within the next few days, however they may see their new monthly repayment due date change within their Online Banking.

To assist customers we have provided 30+ days’ notice of when this adjustment will come into effect (31 August) and have included each customers new minimum monthly repayment details within their letter.

Please remind customers that they will notice their regular payments building up in redraw or in advance, they just need to ensure that they don’t draw down more than their minimum monthly repayment, due on the last day of the month.

A new way we’ll calculate interest

When we move to the new system, the way we’ll calculate interest will be much simpler. Interest calculations will be daily by multiplying the closing loan balance each day by the daily interest rate (the interest rate divided by 365).

Interest will also post on the day their repayment is due each month. This won’t impact the amount of interest paid and again, customers don’t need to do anything.