What Are Electronic Transfers (Can You Transfer from Any Other Australian Bank Account?)
Potential borrowers and homeowners who are researching the various aspects of mortgage repayments and home loan applications may want to learn more about electronic transfers. Electronic transfers are a way to easily and conveniently make mortgage repayments and are often referred to as wire transfers.
Yes, borrowers can use electronic transfer to transfer from any Australian bank account to another.
In order to set up electronic transfers to make mortgage repayments, the borrower’s mortgage provider will need to provide their bank with certain information, including the following:
- Physical address
- Account name
- Account number
- SWIFT number
There are also other methods of electronic payments that borrowers can use to make mortgage repayments, including BPay, bank account transfers, and employer credit.
BPay is a type of electronic payment that allows borrowers to make account payments over the phone or the internet without accruing fees. BPay can be used to pay a wide variety of accounts, including water, gas, council rates, and telephone.
Bank account transfers are similar to electronic transfers. To successfully set this option up, the borrower’s mortgage provider will need to provide their bank with the same information as listed above, except instead of a SWIFT number they will provide an e-BSB number.
Employer credit occurs when a borrower is enrolled in a salary-sacrificing arrangement with their employer. The borrower mortgage provider will be able to take from the sacrificed earnings in order to make mortgage repayments.