EDIT: looks like it’s confirmed on their website now
-> Direct Debit Changes
Saw this posted on another forum, so 100% sure of the authenticity. Seems VERY dodgy to change repayment amounts on all of their customers.
Taking advantage of super-low market rates to boost their bottom line? Will all the other banks follow?
With the current uncertainty surrounding coronavirus, we’re taking steps to continue providing the financial support our customers need.
This is why we’re making a one-off change to your home loan direct debit repayment amount, reducing it to the current minimum required repayment. By paying the minimum, you’ll have access to extra money should you need it.
What this means for you
Between 1 – 5 May 2020 we’ll be automatically reducing eligible home loan direct debit repayment amounts to the current minimum. You will see this change on your normal direct debit date in May. If you’re already paying the minimum, nothing will change.
You can view your current repayment details in the CommBank app or NetBank at any time.
If you’re happy with this change, you don’t need to do anything.
If you’d like to continue paying above your minimum repayment and pay off your loan sooner, you can do this from 6 May 2020 in the CommBank app or NetBank. You can also make additional repayments at any time.
We’re here to help
For further information on home loan support or if you are facing hardship due to impacts of the coronavirus situation, we have a range of options to help you.
The CommBank Team