What Is an Electronic Payment?
Potential borrowers who are researching the various aspects of home loans and mortgage repayments may want to learn more about the various methods of making mortgage repayments, including electronic payments. An electronic payment allows borrowers to make their mortgage repayments electronically.
There are a wide variety of electronic payments, including bank account transfers, employer credit, BPAY, and electronic transfers.
Bank account transfers generally occur between a checking and savings account or between the borrower and another person. The following information is required to be sent by the borrower’s bank by their home loan lender to set up bank account transfers:
- Account name
- Account number
- Physical address
- e-BSB number
Employer credit occurs when a borrower is enrolled in salary sacrifice and allows a borrower’s home loan lender to take out some of their salary sacrificed wages electronically to make mortgage repayments.
Electronic transfers are also often referred to as wire transfers and are secure and fast ways to make electronic payments. A borrower’s home loan lender will need to provide their bank with the same information for bank account transfers, except instead of an e-BSB number, they will need to provide a SWIFT code.
BPay allows borrowers to pay a wide variety of bills over the phone or the internet without being charged additional fees. There are various accounts that can be paid using BPay, including gas, telephone, water, and council rates.