Managing your repayments
- Align the frequency of your loan repayments with the same frequency you are paid eg weekly, fortnightly or monthly
- For ease and convenience when making your loan repayments, arrange your pay or income to your UniBank account
- Any extra repayments you can make (big or small) will save you interest and repay your loan sooner. Don’t forget, there are no penalties or fees for doing this.
- If you get a pay rise, consider increasing your regular loan repayment so you can repay the loan sooner
- You can check your loan balance and transactions 24/7 via internet or phone banking
- If your loan is in advance by one payment or more, you can redraw from your loan for any reason. There is no fee to do this and no minimum or maximum amount.
Redraw allows you to withdraw any extra repayments that you have made on your loan.
By making extra repayments, you will save interest over the life of the loan and reduce the amount of time it takes to pay it back. But if you then need to access the extra repayments you can with a redraw.
When you redraw the extra funds, you do not need to tell us why you’re withdrawing them. All you need to do is ensure that your loan remains at least one repayment in advance.
Redraw is subject to application and registration.
How to redraw
To use redraw you must complete a Redraw registration. The funds that you wish to redraw can be transferred to a savings account on the same member number as your loan.
Once registered you can access the redraw by internet, mobile banking or phone banking or by completing a Personal loan and home loan redraw request.
Making extra repayments
You can make extra loan repayments without penalty, by any of the following ways:
- Transfer from another UniBank account via internet or mobile banking or phone banking
- Electronic transfer or deposit from another financial institution
- Arrange a telephone transfer by speaking to our staff. Contact us here.
- Mail a payment to us with details of the loan account to be deposited
- Visit our office and deposit over the counter.
Changing your loan repayments
Increasing your current personal loan
If you wish to increase your current personal loan, you will need to make a new loan application and normal lending criteria and terms and conditions apply.
If you’re having difficulty making your repayments
If you’re experiencing difficulty making your loan repayments, please contact us as soon as possible so we can help you.