19 Jul 2021

What is an Electronic Payment?

There are a variety of electronic payment methods by which you can pay your mortgage. The most common forms in Australia are BPAY, employer credit, electronic transfers, and transfers from bank accounts.

 

BPay

BPay is a type of payment method that allows you to pay various bills using the internet or telephone. Most bills can be paid using this method, including telephone, gas, water, and council rates. As long as your monthly bill has the BPay logo and provides payment codes, this payment method is a viable option. The best part is that there are no additional fees or charges for using BPay. 

 

Employer Credit

In some cases, you may be able to use some of your sacrificed salaries as mortgage repayments. These mortgage benefits are subject to taxes unless your employer is FBT-exempt. If you decide to use some of your sacrificed wages as mortgage repayments, some of these benefits may be taken out electronically. 

 

Electronic Transfers

Also known as wire transfer, it is one of the fastest and most secure ways to make electronic payments, specifically if you are transferring money from your bank to your mortgage lender. Your bank will need the following information concerning your mortgage lender:

  • SWIFT Code
  • Lender’s name
  • An account name
  • An account number

 

You may also need the physical address of your mortgage lender. 

 

Transferring Money Between Bank Accounts

Like the electronic transfers listed above, transferring money between bank accounts is usually done between your savings account and a checking account, for example, or between an individual and yourself. The same information is required as an electronic transfer, except instead of the bank’s SWIFT code, you will need the Bank, State, Branch number. 

 

Electronic payments are becoming more and more popular. You may find electronic mortgage payments beneficial because you can usually set up automatic payments set on a specified day every month. If you have questions about electronic mortgage payments or the types of electronic payments your lender accepts, Mortgage House can help.

 

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