Interest rate FAQs
Understanding interest rates & rate changes
It can be tricky to keep up with interest rate changes. That’s why we’ll always get in touch if an interest rate change is likely to affect you or any of the products you have with us. However, if you’re looking for a bit more information about rate changes and what you might need to do about them, this page should have you covered.
Understanding interest rate changes
When will I find out if my variable interest rate or repayment is changing?
Whenever there is a variable interest rate increase, we’ll let you know the new interest rate, your new minimum monthly repayment amount and when this new amount will become effective. If your next scheduled repayment falls after this date it will need to reflect the new repayment amount.
If I’m on a fixed rate, will I be impacted by any variable rate changes?
No, you won’t be affected by interest rate changes while you remain in your fixed rate loan term. However, once your fixed rate loan term finishes, your home loan rate will change to the current variable rate.
What if the interest rates change while I’m in the process of applying for a home loan?
That would be confusing! If this happens to you, speak to the lender who is managing your loan to discuss how the rate change could affect you and what options might be available.
Will deposit rates like term deposits also be reviewed when the interest rate changes?
Yes. Whenever the interest rate changes we review both our deposit and lending rates in line with RBA and market movements – including the rates for term deposits. All of our interest rate changes will be published on this page – so you can always check there for the most up-to-date information on all things interest rates.
How to change your loan repayments
Do I need to increase my repayments if the variable interest rate on my loan increases?
If the variable interest rate on your loan has increased you should check whether your current repayment covers the new minimum monthly repayment amount – which will be included in the letter that advises you of any interest rate changes. That said, many customers make repayments that are more than the minimum, so you may not need to increase your repayments.
Do I need to increase my repayments if I’m ahead on my home loan payments?
If you’re ahead on your home loan you may not need to increase your repayments. However, if you are paying less than the minimum monthly repayment amount, this will affect your redraw amount, and the redraw amount will decrease over time.
How do I change my future home loan repayments?
If you’ve set up a recurring loan repayment from a Hume Bank account, you can increase your payment in iBank or on the Hume Bank App. You can also contact us on 1300 004 863 or visit one of our branches.
Updating your repayments with iBank:
- Log in to iBank
- Select Transact and then Future Payments
- Click on Options and Change
- Follow the prompts to update your repayment.
Updating your repayments with the Hume Bank App:
- Log in to the app
- Select Payments and then Future Payments
- Select the payment you would like to change
- Follow the prompts to update your repayment.
If you’ve set up recurring payments from a non-Hume Bank account, you’ll need to contact the bank you are transferring from to change your repayments.
What do I do if I can’t afford my new repayments?
If you’re experiencing financial hardship, get in touch with us as soon as possible so we can explore the different options available to you. You can reach us at customercare@
humebank , on 1300 004 863 or by visiting a branch..com .au
How to make changes to your loans
Can I review and change my home loan?
Of course! If you’d ever like to discuss your home loan options, simply get in touch with a us. You can book an appointment with a lender online.
If I’m on a variable rate, can I change to a fixed rate?
You can always request a change to a fixed rate from a variable rate. You can book an appointment to discuss your options with a lender at the bottom online.
It can take a few weeks for any changes to your home loan to be reflected in your account, however we’ll always make sure to backdate the interest rate to the date of offer acceptance.