Making extra payments to my variable home loan - can't do this online or via app

[BNZcustomer]

I just called BNZ to confirm - there’s no option available today to make a transfer to pay down my variable home loan. Is this feature coming soon?

The whole reason I have a variable facility (and a higher interest rate on this portion) is so I can be ‘good with money’ and pay it down faster.

Pretty sure every other NZ bank has this feature. My feedback would be that to me it feels a bit anti-consumer - i.e. there’s a barrier to paying off my home loan faster where I need to call and wait on hold and be transferred around in order to make a transfer (when I can do this in seconds via mobile app at other banks).

I found a couple of old threads from 2016 where this feature was mentioned to be coming… is it almost ready now?

Making extra payments to my variable home loan via Internet banking

I would love to be able to make extra payments to my total money home loan direct through Internet banking. Currently I have to use secure email to do this but sometimes I would like to be able to just round off my accounts to my loan or make a small extra payment when I have extra money left over at the end of the week. Is this a feature that will be available any time soon?

Mortgage repayment - why is it so hard

Anyone else experience the same frustration as I do when trying to make unscheduled or one off payments against a floating home loan? why is it that you have to ring and speak to someone. Surely if online banking has the ability to transfer between accounts, with drag and drop functionality, can this not be extended to Mortgage payments. The painful time spent on hold waiting for a operator is less than ideal. One would suspect the bank is reluctant to make it too easy for people to pay of…

[Lawrence]

Thanks for the valuable feedback! @Nick could you tell us if this is a feature we’re looking into?

[Emma]

Hi there @BNZcustomer! One option to save you a call is to send us a Secure Message through your Internet Banking. Your payment request will be completed within 48 hours Thanks, Emma

[Godzonekid]

That’s insane! Why can one NOT make an extra payment on a floating term loan? I can understand on fixed term loans but floating? Somebody please, get your heads out of you know where and implement this. Like yesterday.

And, having worked closely with technology experts I do not believe this would take considerable time to implement. Should be doable and up and running within 14 days.

[Choccy12]

Emma why does it have to be this hard? Why can’t I just make a transfer to a variable loan like moving money between my accounts

[Choccy12]

Clearly wanting us to be “good with our money” comes second to them making massive profits.