Guides

  1. Home
  2. Knowledge Base
  3. Banking & Transactional Facilities
  4. When do I start repaying my loan and how much is my first payment?

​The interest on most loans is debited one month after the date your loan was settled. In all cases, the first repayment payable is the monthly repayment quoted on the Loan Offer Document. Unless you have requested interest-based repayments (weekly and fortnightly repayments are not available on loans with interest-based repayments), weekly or fortnightly repayments commence immediately after the first monthly repayment.

Many lenders will give you the option principal and interest repayments to pay weekly. This makes the schedule a little different. For example, your loan is advanced on 20 March so the first repayment is due on 20 April. This repayment will be the monthly repayment. Since you have chosen weekly repayments, one week later on 27 April, one quarter of the monthly repayment will be due and will continue to be due every week from that day forward.)

If you would like some help with your finances please speak to us online now or call us on 1300 558 887.

Was this article helpful?

Related Articles