Understanding Your Loan Statement

The date the statement was issued.

Your current interest rate.

The minimum amount you need to pay each month towards your loan.

Your repayments are reviewed and adjusted for inflation on this date.

The fixed interest rate ends on this date. 

Estimated loan term based on your current loan balance and repayments at the current interest rate. Changes in interest rates and repayment amount will affect this estimate.

Redraw shows the extra payments you've made on your loan beyond the minimum repayments. You can access this option if your home loan has a variable rate. Redraw does not apply to additional loans or fixed-rate loans. Arrears are the total amount of any missed or overdue repayments.

This is the remaining amount you owe, excluding interest, other charges, and Breakthrough/Shared Equity Option appreciation, as of the statement’s end date.

A unique number used to identify your information. Please quote it when contacting us.  

The name of your HomeStart Loan.

A unique number assigned to your loan account.

A pre-authorised payment withdrawn directly from your bank account to your loan account.

Interest is calculated daily on the outstanding balance and charged monthly.

Sometimes the interest charged in a month will exceed the repayments made that month, this is called capitalisation. The difference is added to your loan balance and no additional payments are required. Capitalisation can be avoided or reduced by making a voluntary additional payment either regularly or when you have available funds to do so. 

This is the remaining amount you owe on the loan, excluding interest and other charges, as of the statement’s end date. As a reminder, for the Breakthrough and Shared Equity Loans, the balance is not the payout amount as it excludes appreciation.