Pay off your variable home loan faster with extra payments online

27 February 2013 / Published in Your Money

If you’re an ASB customer you can now transfer money directly from your bank account onto your variable home loan through ASB’s FastNet Classic online banking service. Even small additional payments can make a big impact on loans over time.

You’ll be able to log in to FastNet Classic, view all available account balances and make extra payments directly onto your home loan, giving you new flexibility in managing your finances.

“Customers wanting to reduce their home loans can now choose to put extra household money directly towards paying off their home loan without having to email, call or visit a branch,” says Shaun Drylie, ASB General Manager of Product and Strategy.

“When it comes to home loans, even the small payments can add up. We want to give our customers the freedom to put the small extra amounts they have towards paying off their home loan.”

On a $250,000 loan with an interest rate based on a standard floating rate of 5.75% per annum, a single $1200 payment per year, roughly the cost of a cafe-bought coffee per day, for the 30 year life of the loan would save over $46,000 in interest and take four years off the term of the loan.*

* ASB Bank Limited’s terms and conditions apply. Scenario: $250,000 loan, interest rate of 5.75%, based on the standard variable rate. $1200 payments made once per year for the 30 year life of the loan would see total interest savings of $46,331.16 and a total time saved on the loan term of 52 months. These indicative potential interest savings and reduction of loan term are based on a 30 year loan term, current variable rate and minimum repayment amounts. Interest rates are subject to change. Any changes to the applicable interest rate may change your future repayments and how fast you can pay off your loan.

Viewing your statements online is also a much more secure way of reviewing your accounts, as they are protected by the full strength of ASB’s FastNet Classic security. And if you really need a physical copy, you can download your statements and save them as PDFs for emailing or printing.

Our innovative interface also allows you to set up notifications for when new statements are available. You can choose between an email or text message notification to help you stay on top of your finances.

So in summary, Document Centre in FastNet Classic is an efficient way to keep track of your statements, save paper and cut down on clutter, making it easier for you to review your accounts and be successful with your money. We’re confident you’ll find it handy as well, so we’ve made it easy for you to stop your old paper statements and view them online instead, whenever you need them. No more having to wait for the paper copy to be delivered to your home.

Simply click on Notification Settings within Document Centre and click on the Paper icon to turn on our Statement Stopper service. This will stop paper statements being delivered to you. If at some point in the future you’d like to turn Statement Stopper off and receive paper statements again simply click the Paper icon with the red line through it and you will be taken to the Statement Stopper page where you can select which of your accounts you’d like to receive paper statements for. It’s that easy!

You can find Document Centre on the main menu in FastNet Classic.

Adobe Acrobat Reader is required to view the documents and can be downloaded here for free.


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