Reduce your repayments.
If you need to reduce your regular loan repayments, we can help you find the right solution.
Ways to reduce payments.
Extend your loan term
Extending your loan term up to a maximum of 30 years can reduce repayments however, this could mean that you will end up paying more interest over the life of the loan.
Reduce repayments for a time
If your regular repayments are currently higher than the minimum required, you could reduce them to your minimum. However, you will pay more interest over time and it will take you longer to pay off the unpaid balance.
Apply for interest only
Paying just the interest and not the principal could result in your repayments reducing. Note that the principle of your loan won't decrease while on interest only.
Consider a repayment holiday
If you are eligible, you could consider pausing your repayments for a short period of time. However, this will mean you will end up paying more in interest over the life of your loan. Your minimum repayments may increase at the end of the agreed period or you might be able to extend the term of your loan. Get in touch with us to discuss what option will best suit you.
Things you should know.
Westpac's home loan lending criteria and terms and conditions apply. An establishment charge may apply. A low equity margin may apply. An additional fee or higher interest rate may apply to home loans if the application is accepted but does not meet the standard lending criteria.
Documents and fees
View terms and conditions for all our home lending products here.