Did you know that many SWC customers are currently ahead of their home loan repayments or have access to savings in an offset? Whilst interest rates and repayments have reduced, many customers have continued making the same repayments. This means you might be able to reduce your current repayments or use your redraw to get access to additional money. 

How to know if you’re ahead on your repayments:

• Log into the SWC app
• From the account summary page, you can see the ‘available’ and ‘current’ balance of your loan, the ‘available’ balance is the amount you are ahead of your required repayments. This is the amount available for redraw.

How to change your repayments (periodical payment):

• Log into the SWC app
• Select the ‘transfers’ tab and then select the ‘future payments’ tile.
• If your loan repayment is a periodical payment it will appear in this section, simply tap on the payment that is set up to repay your loan.
• Alter the amount, ensure the ‘when’ (frequency) is still set up correctly
• Select OK
• The future payment will be updated to the new amount.

Note: If your repayments are not set up as a periodical payment, or you need help, simply contact our staff on (03) 55603900. Alternatively you can request a call back via our website and one of our friendly staff will call you as soon as possible. Please be conscious that the branch is currently experiencing high demand and longer than usual response times. 

How to access redraw:

• Log into SWC Internet Banking
• From the accounts tab, select ‘transfer money’.
• Select your home loan in the ‘transfer from’ menu.
• Select the ‘transfer to’ account that the redraw funds will be paid into.
• Enter the amount and the reference if required.
• Select ‘next’. If you are the sole borrower the confirmation will appear for you to ok. If your loan is in joint names the other borrower will be required to authorise the redraw by entering their client number and internet banking password on the confirmation page.

Note: The minimum redraw amount is $100.

To give some extra breathing room, eligible customers can access a home loan repayment pause for up to 6 months, including a three-month checkpoint with the bank.

For SWC customers with an average home loan of $300,000, this will mean access to an additional $8,592 over six months, or $1,432 per month.

To find out if this option is right for you, please speak to your lending specialist on (03) 55603900. Alternatively you can request a call back via our website and one of our friendly staff will call you as soon as possible. Please be conscious that the branch is currently experiencing high demand and longer than usual response times.

How it works:

• Eligible customers can pause their home loan repayments for up to 6 months (including a 3 month checkpoint).
• Eligibility applies to all SWC home loan customers affected by Coronavirus (owner occupiers and investors on either principal and interest or interest only repayment schedules).
• Note, redraw will be revoked for customers during this repayment pause. Consider whether taking redraw may be more suitable for you.

Important details:

• After a repayment pause, customers are required to bring their account up-to-date over an agreed period of time. It is important that you are aware that this will result in monthly payments being adjusted (i.e. the amount required may be higher than current repayments and may incur a higher amount of interest over the life of the loan).

If you require additional hardship support, please speak to your lending specialist on (03) 55603900. Alternatively you can request a call back via our website and one of our friendly staff will call you as soon as possible. Please be conscious that the branch is currently experiencing high demand and longer than usual response times.
If you are experiencing hardship we encourage you to contact us as soon as possible.

To find out more about our financial hardship assistance click here.

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