What to expect when changing my loan?


We understand that as your situation changes, your existing home loan may no longer be the best product for your current circumstances. It might be that you want to have more certainty with your loan repayments by switching to a fixed rate, or that you’re now in a position where you’ve built up savings and want to set up an offset facility.

Whatever your situation, this guide will give you an understanding of what’s involved in changing your loan.

Please note that fees and charges may apply when changing your loan.

Contact us 

Call us or complete our online enquiry form to discuss your lending options.

Phone-icon  1300 652 220
Monday to Friday 8am-7pm (CST) 
Email-icon  Complete our enquiry form

From principal and interest to interest only repayments 

If you originally took out a principal and interest facility less than 10 years ago and wish to convert to interest only, have an interest-based loan and wish to convert to true interest only, or simply wish to extend your term, this is a hassle free process.
Download a Term Loan - Conversion to Interest Only request form

From interest only to principal and interest repayments 

If you wish to start paying off your principal debt, you can convert from interest only or interest-based to principal and interest for the remainder of the loan term.
Download Term loan – Conversion from Interest only/Interest Based request form

Variable rate to fixed rate 

By fixing your rate you will have a set repayment amount for the term you are fixing for, providing certainty against interest rate fluctuations and giving peace of mind. If you are considering this option, please call us on 1300 652 220 so we can discuss your individual needs as this option is not available on all loan types. 

Fixed rate to variable rate or another fixed rate 

Choosing to convert to a variable rate gives you the flexibility to take advantage of interest rate decreases occurring in the market.  Converting to variable or to another fixed rate may incur a fixed rate break cost and a loan variation fee.  Fixed rate break costs are largely dependent on interest rates in the market place.  Call us on 1300 652 220 and we will step you through this process.
Download Convert Fixed Interest Rate to Variable Rate request form

arrow-left.gif Increasing your loan amount

Substituting security 

If you wish to replace one security for another suitable security (subject to normal lending guidelines) you may be able to do so.
Download Replacement of Security form

Changing ownership or loan/mortgage 

To complete this type of change you will need to refinance your loan.  Find out about the refinance process.

Change your product to reduce fees or rates 

Compare the features of our products using our product comparison table.  If you want to talk through our products and get advice on how to achieve your financial objectives, call us on 1300 652 220.

If your original loan was principal and interest and you wish to convert to interest only 

You may wish to do this if you are looking to reduce your monthly commitment on your loan by paying interest only for up to 5 years. The minimum repayment is equal to the monthly interest amount plus any monthly service fee.   

This process requires minimal supporting documentation and takes approximately four weeks from application to settlement. 

If you are considering this option please, call us on 1300 652 220 so we can discuss your individual needs.