frequently asked questions
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one direct variable home loan- Q.
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General
Q. Is one direct offering new products?
A. As of 14th October 2009, one direct has stopped offering new home loans, insurance and High Interest Saver products. At this point in time, demand for our no frills products has decreased and as one direct is owned by ANZ, it has been decided to invest more in products that are more popular with customers.
Q. If I have any questions down the track, will there be someone who can take care of my one direct loan enquiry?
A. Yes, there is a dedicated mortgage customer service team who will be able to help you with any enquiries you may have relating to your mortgage, just call 13 24 01.
Q. I am an existing customer, what happens to my products?
A. Home loan(s): nothing changes for you. Your current loan will continue as per your agreement; however we won’t be accepting any new loans or variations to existing loan contracts.
Insurance: Nothing changes for you. You will continue to be covered under your current policy terms and conditions.
High Interest Saver: as per communications sent to you, all accounts are now closed.
Q. What are your opening hours?
A. We're available on the phone between 8am and 6pm Monday to Friday AEST.
Q. Can I call one direct from overseas?
A. Yes. If you are overseas and you need to contact us, please call +613 8699 6927 between 8am and 6pm (AEST) Monday to Friday.
Q. What do I do if I have forgotten my CRN or password?
A. Just call the one direct online banking team on 13 64 01 any time of the day or night, seven days a week.
Q. What is a comparison rate?
A. With many lenders, the annual interest rate applicable to your home loan is just part of the cost. A comparison rate not only factors in the annual interest rate (including honeymoon rates) but also all ascertainable ongoing, up-front and other fees. The comparison rate gives you an idea of the costs for a particular loan so you can compare your home loan with others.
Q. What's the difference between a Principal and Interest home loan and an Interest-Only home loan?
A. Principal and Interest means you make repayments against both the original amount borrowed ('Principal') and the interest that is charged.
Interest-Only means that repayments are only paying off the interest and principal i.e. interest only payments do not reduce the balance or "principal" amount of your loan.
Q. What is redraw?
A. Redraw is a feature, which allows you to withdraw the extra money (on top of your scheduled repayments) you've paid into your home loan. You can transfer this money out of your home loan account via Internet Banking and Phone Banking or access your funds via ATM, EFTPOS and BPAY®.
one direct redraw is available on both the one direct variable loan and the one direct equity loan. Redraw is not available on the one direct fixed loan prior to it reverting to the variable rate.
Q. How often can I redraw?
A. You can redraw as often as you like, as long as you have made additional repayments over and above your scheduled repayments.
Q. Do any conditions apply to the redraw facility?
A. Yes. The following conditions must be satisfied at the time you wish to make a redraw:
Q. Can I agree to a term and pay early?
A. Yes. You can choose your loan term up to a maximum of 30 years with a variable rate and you can include a fixed rate term of up to five years. You can also choose your repayment frequency (weekly, fortnightly, monthly) and whether you pay Interest Only or Principal and Interest. You can make additional repayments or pay your loan off in full, however fees may apply.
Q. How are the size of my repayments determined?
A. Your repayments take into account the annual interest rate, the loan term, repayment frequency and loan amount.
Q. How is interest calculated?
A. Interest is calculated on the daily outstanding balance of your loan. You can reduce the interest payable by making extra repayments or depositing additional funds into your loan account to reduce your balance.
Q. What is a repayment holiday?
A. A repayment holiday allows you to suspend your one direct variable or fixed rate loan repayments for up to three months. Approval of a repayment holiday is subject to the following:
Q. What is Lenders Mortgage Insurance?
A. Lenders Mortgage Insurance (LMI) protects the lender in the event of the borrower defaulting on their home loan. If the property is sold and the amount from the sale is not sufficient to repay the loan in full, the LMI insurer will make a payment to the lender to cover the shortfall. The borrower remains liable for any amount owing under the contract even if the LMI insurer has paid the shortfall to the lender.
LMI is different to Mortgage Protection Insurance, which covers the borrowers repayments in the event of unforeseen circumstances for example unemployment, illness or death.
one direct variable home loan
Q. Why is it called a 'variable rate' loan?
A. If interest rates change, the interest rate on your loan will change. Interest rates may go up or down. If interest rates go up, your repayments may increase so you can still repay your loan within the agreed term. If interest rates go down, your repayments may go down.
one direct fixed home loan
Q. Why is it called a fixed rate loan?
A. The interest rate is fixed for a set period of your loan. Even if interest rates change, your repayments will stay the same during the fixed rate period of your loan.
Q. Can I make extra repayments and can I redraw them?
A. Yes. You can pay up to $10,000 extra per year (based on your loan anniversary date) without incurring a fee. However, you cannot redraw any additional repayments that have been made during a fixed rate period.
Q. What if I want to pay my loan off early?
A. If you choose to pay your loan off within your fixed rate period, you will need to pay a break cost fee for breaking the fixed rate term. You may also incur a deferred establishment fee if you fully repay your loan within the first four years.
one direct equity home loan
Q. What can I do with my one direct equity loan?
A. You can access the equity in your property for any purpose - it's entirely up to you as long as you don't draw over the approved loan limit.
Q. How do I work out how much equity I have?
A. If you have an approved loan limit of $150,000 and have paid off $25,000, you can redraw that $25,000 at any time you like.
Q. How is the interest calculated?
A. Interest is calculated daily on the outstanding balance.
Q. How else can I use the one direct equity loan?
A. You can credit all of your salary into your loan and use it like a transaction account. You can also use your loan for your savings. Any money you deposit in your account reduces your loan balance and the interest you pay.
one direct insurance
Q. Does one direct home insurance cover accidental breakage?
A. Yes. Our building cover includes breakage coverage for glass or mirrors fixed to the building (such as shower bases) or freestanding glassware, crystal, crockery and china - as long as the items were not being used, cleaned or carried at the time.
Q. Does your home insurance include new for old?
A. Yes. Contents cover includes new for old replacement on most contents - ie the full amount required to replace your item at today's prices.
Q. Where can I get all the details about one direct home insurance?
A. The one direct home insurance product disclosure statement (PDF, 196kb) sets out all the terms and conditions of one direct home insurance, and includes explanations and information about applicable limits and exclusions.
Q. If I have any questions relating to my policy or need to make a claim, who can I call?
A. All you need to do is call 1300 663 239 between 8am and 7pm, Monday to Friday AEST.