Managing My Loan

Once your loan application's all sorted, we'll send you your account details. You can then start using online banking to manage your home loan. If you're an old hand at this you know how easy it is. If you're not experienced at online banking, just give it a go, it's pretty simple to get around. If there's anything else we can do, just ask.

Here are all the online tools you can use to help manage your home loan, plus some tips on how to save.

My finances online

This gives you a snap shot view of your account, showing your:

• Account summary information
• Current balance and available redraw
• Transaction history - you can select a range of dates to view past transactions
• Financial year to date interest

Move my money online

Here's where you can keep tabs on your money and move it around. You can:

• Transfer funds between your ING DIRECT accounts and linked bank accounts
• Use BPAY to:
  • Add billers' codes to pay credit cards, electricity, water from your home loan
  • Keep a record of bills paid
• Manage recurring bills with automatic bill payments
• See when future bills are scheduled to go out
• Monitor when your direct debits are going out

Like to take advantage of our free redraw facility? Arrange for your salary to be transferred into your home loan. You can then use it to pay for monthly expenses such as groceries or going out for dinner. Just give your employer your BSB and account details.

Forms online

There are a number of forms you can download to make changes to your loan (it's almost like DIY banking). Here's what you can do:

• Change your direct debit account
• Change the accounts linked to the loan
• Change which account your repayments come out of and who has authority to use the account ('change to operating authority' form)
• Vary your loan (Loan Variation form) to:
  • Apply for a loan increase
  • Change the security for your loan, e.g. if you buy a new property you can take your current home loan over to your new property
  • Change from principle and interest repayments to interest only
  • Switch to a fixed rate, line of credit or split your loan
  • Add or remove a borrower
  • Change your personal details
• Authorise a third party to operate on your account

How can I save on my mortgage?

It's easier than you think. Here are just a few suggestions. Even if you only do a couple of things, you'll be surprised how the savings add up over time.

Consolidate your finances

• Like to save big time on interest payments? Silly question. Why not consolidate your credit cards, car loans or personal into your home loan. The interest rate is much less so you can save thousands of dollars.

Consider fortnightly over monthly repayments

• Repaying your loan fortnightly rather than monthly may help you pay it off sooner

Pay more than the minimum repayment

Paying more than the minimum repayment can help shorten the loan term saving you interest repayments.

Example: If you brought food to work rather than buying takeaway and added an additional $10 into your mortgage a day, that works out to $140 a fortnight extra on your home loan. Working it out on the repayment calculator shows that $140 a week, on a $450,000 home loan at an interest rate of 8.74%p.a. could save you $257,738.37 over 30 years and reduce your mortgage by 7 years and 11 months*!

* The results are an approximate guide only and should not be used as exact values for financial planning purposes. Fees and charges apply. Details of these and the terms and conditions are avaiable on request. Comparison rate based on $150,000 loan amount over 25 year term.
WARNING: This comparison rate is true only for examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
To view a comparison rate schedule, please click here.

Deposit your salary into your home loan

• Put your salary into your home loan and use our free redraw facility to withdraw funds when you need it. If you don't redraw, you're helping to pay off your loan sooner.

Add additional repayments when possible

• Use work bonus payments or inheritance to help you get a few steps ahead. If you didn't plan on the money, you won't miss it.

When you come off a fixed rate, you'll automatically roll into a Mortgage Simplifier with a variable rate. If you want to continue with another fixed rate loan, make sure you organise it before it expires - you'll save the fee of $250.