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First mortgage payment

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#1 Dldkx

Posted 07 August 2014 - 05:06 PM

Apologies if this has been asked before but I searched and couldn't find anything.

Our home loan is due to settle early next month and we have set the repayments up fortnightly. When is the first payment likely to come out? Is it on settlement day or the following fortnight? And is the first payment a double payment so it's kept in advance like rent?

Thanks :-)

#2 Caribou

Posted 07 August 2014 - 05:09 PM

First payment comes out the following month if I recall. That's if you do it monthly. Other wise it comes out the next week or fortnight which ever your payment plan is set up. It should be in the home loan contracts what day is the first payment and the final payment

#3 MrsLexiK

Posted 07 August 2014 - 05:10 PM

It will come out the fortnight after you settle. (As you said you were paying fortnightly)

#4 Dldkx

Posted 07 August 2014 - 05:10 PM

Ahh yep, loan contracts. Now why didn't I think of that. My brain is so fried ATM


#5 LittleMissPink

Posted 07 August 2014 - 08:32 PM

Yep, it will be exactly 1 month (or fortnight) after settlement.

#6 Coffeegirl

Posted 07 August 2014 - 08:45 PM

As PPs said.

If settlement date is the 1st and you pay fortnightly, then your next payment should be 14th then 28th etc.

If monthly then first payment due on the 1st of the next month.  

Our bank was really good when we switched to fortnightly payments and we were allowed to nominate the specific day of the week they withdrew.  IE DH gets paid on Wed, our payment comes out on Thursday.

#7 Dldkx

Posted 08 August 2014 - 12:48 PM

Thanks guys for the info. You guys rock!

I re-read all the loan contracts last night and I found it. First payment will come out the fortnight after settlement :-)

#8 iavy

Posted 08 August 2014 - 12:54 PM

A friend of ours recommended to us to make a payment the day you get it! Will be the only time it comes completely off the principle, before any interest starts calculating. Then you are already ahead by a payment!

(If your loan allows that)

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