What Is BPay?
Potential borrowers who are researching the various aspects of applying for a home loan and making mortgage repayments may want to learn more about BPay. BPay is a form of electronic payment that allows a borrower to pay a variety of bills over the internet or phone without incurring additional fees.
There are various accounts that can be paid using BPay, including gas, telephone, council rates, and water. Other types of monthly bills can be paid using this form of electronic payment if they have the BPay logo or payment codes.
Borrowers can occasionally use BPay to make mortgage repayments. Borrowers who are interested in learning if BPay is an acceptable way to make mortgage repayments should reach out to their current home loan provider to learn more.
There are also other forms of electronic payment that borrowers have the potential of using to make mortgage repayments, including bank account transfers, electronic transfers, and employer credit.
Bank account transfers typically occur between a savings and checking account or between the borrower and another individual. To use bank account transfers to make mortgage repayments, the borrower’s home loan provider will need to provide their bank with certain information to successfully set this form of payment up, including the following:
- e-BSB number
- Physical address
- Account number
- Account name
Electronic transfers are often referred to as wire transfers and operate similarly to bank account transfers. Electronic transfers are convenient and fast. A borrower’s home loan provider will need to provide their bank with the same information as above, except instead of an e-BSB number they will need to provide a SWIFT number.