Making Loan Payments

When you have a home loan, line of credit, business loan or business overdraft we want to make it easy for you to make your loan payments:

There are different ways to make your loan payments.

It is important that you make your loan payment on time especially if you are making weekly or fortnightly payments or you could incur a Default Fee.

Contact your Loan Consultant or one of our Loan Payment Consultants if you need help setting up your loan payment or if you are experiencing difficulties making a loan payment.

Ways to make your loan payments:

Regular electronic periodical payment to your account from another Wide Bay Australia account
An option when making your payments by periodical payment is to nominate 'Repay'. 'Repay' adjusts your payment transfer to the minimum monthly payment required. This means when interest rates decrease or increase your payments are decreased or increased to reflect the change automatically. To arrange 'Repay' contact us in writing or send a secure email using 'smartlink' Internet Banking.
'smartlink' Internet Banking transfer from another Wide Bay Australia account
'smartlink' Phone Banking transfer from another Wide Bay Australia account
Cash or cheque deposit, or account transfer at any Wide Bay Australia branch
Cheque by mail (deposit forms for this purpose are available on request – a fee applies to deposits made without a completed deposit form)
Cash or cheque deposit at a Bank@Post outlet (linked Loan Express Cashcard or Cashcard required - cheque deposits will only be accepted in the name of the cardholder)
Direct credit to your account from an account at another financial institution

Making payments on time and avoiding Default Fees:

Loan repayments must be made on the Payment Due Date (as advised to you at the time of loan settlement).

Failure to make your loan payment in full by the Payment Due Date will normally result in a Default Fee and possibly harm your credit rating. These fees are detailed in your Loan Contract.

You may elect to make part payments in line with your income – perhaps weekly or fortnightly.

For example, if your Loan Payment Due Date is the 24th of the month – you need to have the full amount paid by the 24th of the month.

For new loans, your first full payment needs to be made by the Payment Due Date on the month following loan settlement. For example, if your new or additional loan settles on the 21st of the month (e.g. March) and you are advised that your Loan Payment Due Date is the 24th of the month - the first full monthly loan payment will need to be made by the 24th of the following month (e.g. April).

That means that if you are paying weekly, and your Payment Due Date is the 24th of the month, you will need to ensure that we have received the four weekly payments (consisting of your monthly payment divided by four) prior to the 24th or your full payment will not have been made.

Similarly if paying fortnightly, and your Payment Due Date is the 24th of the month, you need to ensure that we have received the two fortnightly payments (consisting of your monthly payment divided by two) prior to the 24th or your full payment will not have been made.

If you are experiencing difficulties making a loan payment contact your Loan Consultant or alternatively one of our Loan Payment Consultants to discuss your situation.

Financial Hardship:

If you are experiencing genuine financial hardship due to illness, unemployment or another "reasonable cause" - we urge you to contact us as soon as possible.

To receive assistance with your particular circumstances please contact one of our Loan Payment Consultants. They will work with you to arrive at a mutually beneficial solution wherever they can.

You can contact them directly or ask for them by contacting a branch on 1300WIDEBAY (that's 1300 943322) for the cost of a local call (mobiles & public phone excepted) during business hours.

For useful information and advice about 'Struggling with mortgage repayments' you may also wish to refer to the Australian Securities & Investment Commission's 'Financial Tips and Safety Checks' website.