StepUp

With StepUp you can set your repayments to automatically increase by a chosen amount each year, which could save you thousands on interest and takes years off your home loan.  

You can set your repayments to increase by a small amount that you might not notice, or if your financial position changes – like getting a pay rise – then you can increase your repayments by a more substantial amount.

Every little bit counts towards helping you pay off your home loan sooner. 

 

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Calculations are indicative only. To find out how much you could save, chat to us team today.

 


 

How does it work?

StepUp allows you to set a dollar amount that your repayment will increase by each year. Once you’ve decided on your StepUp amount, the repayment increase will automatically happen on the anniversary of your home loan draw down (start date) each year. 

Whether your repayments are weekly, fortnightly, monthly or quarterly, you can use StepUp to increase them from as little as $1 to as much as $1,000 per calendar month – whatever works best for you. You can also opt to amend or cancel your StepUp amount, allowing flexibility for when your life changes.


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Benefits

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Quick and easy 

                Just give us a call or pop into your local branch. We’ll help you find out how much you can save and then take care of the rest. We’ll send you a confirmation letter once it’s all set up.

 

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Flexible

                StepUp your repayments to fit with your lifestyle, from as little as $1 to as much as $1,000 per calendar month - whatever amount works best for you.

 

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Save money and years

                Manageable repayments increasing over a long period of time means less interest paid and more money in your pocket.

 

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Set and forget

                Once you’ve decided on your StepUp amount, your repayment increase will automatically happen on the first repayment after your home loan draw down (start date) anniversary each year.

 

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You're in control

                You can easily increase, decrease or cancel your StepUp amount, allowing for flexibility as your life changes - just give us a call or pop into a branch. You can also check your upcoming repayments in Online Banking.

 

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No hidden fees 

                StepUp is a tool to help you easily manage your home loan and pay it off sooner, so there are no fees attached.

 

 


 

Find out how much you could save

Give us a call or pop in to see us if you'd like to chat through what StepUp could mean for you. If you’re keen to set it up we can do it over the phone or in branch.

 

1 Year Special Rate

 

 

Frequently asked questions

  • How do I know when my repayments will increase?

    Your repayments will StepUp each year automatically on the anniversary of your home loan draw down (i.e. start date). One of the benefits of StepUp is that you can set and forget it.  If you want to review it at any time, your loan statement and home loan information in Online Banking will show your current repayment amount. 

  • Are there any early repayment fees?

    No, there are no fees. StepUp isn’t an early repayment, but a way for you to easily manage your home loan and pay it off faster.

  • Can I change or cancel StepUp?

    Yes, you can increase, decrease or cancel your StepUp amount at any time, allowing for flexibility when your life changes. There's no paperwork required, just call us on 0800 872 226 or pop into your local branch. If you cancel your StepUp amount, your repayments will revert back to the original loan repayment minimum.

  • If I’m on a floating rate, what happens when the rate changes?

    This doesn’t affect how StepUp works. As per usual, if the interest rate on your loan changes, your minimum repayment amounts will be automatically adjusted to reflect this. The StepUp amount will be added to whatever your repayment amount is on the anniversary of your loan draw down (i.e. start date) every year.

  • Does it matter what type of home loan I have?

    No, you can use StepUp on any home loan type, whether you’re a first home buyer or you have an investment property, and regardless of whether you’re on a fixed or floating rate.

 

 

  • Don’t forget to read this bit

    Home Loan Special Offer 3.95% p.a. fixed for one year available from 15 November – 16 December 2018 for loans relating to residential properties only. Additional interest rate margins may apply for bridging loans and buyers with less than 20% deposit (including Welcome Home loans). Loan must be contracted during the campaign period and drawn down within 60 days of contracting. Offer can be withdrawn or amended at any time. All interest rates are subject to change without notification. TSB’s current account opening criteria, current lending criteria, terms and conditions, fees and interest rates apply.

    Use of accounts and services are subject to TSB’s General Banking Information.