October 13, 2026
Photo by Ketut Subiyanto on Pexels
Your first mortgage repayment is due on the date set by your lender and loan agreement. It is not automatically the first day of the next month, and your moving day does not determine it. Before settlement, confirm the first amount, the date it must reach the loan and when money will leave your nominated account.
That date matters when you're still paying rent and organising the move. Putting the last rental payments, purchase costs and first mortgage debit together can show a shortfall while there is still time to ask questions or adjust what you can.
There is no single timing rule for every Australian home loan. For example, CommBank's terms put the first principal-and-interest repayment for a single loan drawing one month after funding. Its progressive-draw and interest-only arrangements have different rules. NAB's terms direct borrowers to their Offer Letter for the first repayment date and amount. Check the documents for your own loan, even if someone you know recently borrowed from the same bank.
A calendar month is not always 30 days. Your contractual due date can also be different from the date of an agreed weekly or fortnightly debit. Ask the lender how those debits meet the amount due, when the first one starts and what happens if a date falls on a weekend or public holiday.
If your loan includes an interest-only period, construction payments or more than one loan account, ask for the schedule for each part. The first principal-and-interest repayment may not be the first payment you need to make.
Ask your lender to confirm the first amount rather than assuming it will be higher. Request an explanation of the interest period, any fees and how the amount compares with later repayments. Interest and payment obligations come from your loan agreement, so moving in later does not give you a new repayment start date.
A repayment calculator can help with ongoing planning. For a principal-and-interest loan, the balance, interest rate and remaining term affect the estimate. The following example assumes equal monthly payments, a constant rate and no fees or extra repayments.
| Example input | Amount or assumption |
|---|---|
| Loan amount | $500,000 |
| Interest rate | 6% a year, held constant for the calculation |
| Loan term | 30 years |
| Repayment frequency | Monthly |
| Estimated regular repayment | $2,997.75 a month |
The rate is an example, not a current offer. The calculation does not confirm your first repayment amount or date. You can use the WeMoney home loan repayment calculator to try your own figures, then compare the estimate with the lender's schedule.
Start with the money available for everyday life after allowing for the funds required to complete the purchase. Add the remaining rent, moving costs, pay dates and mortgage debits. Keep enough detail to see when money is needed, rather than relying on a monthly total that hides a difficult week.
Here is a made-up example. Settlement is on 10 May and the household's lender has confirmed a $3,000 first debit on 10 June, with no earlier loan payment. The deposit and other purchase funds are already set aside separately. The household starts with $2,400 for the costs below and expects one $3,000 income payment during this period. Each date and amount is an assumption, including the $400 weekly allowance for its other costs.
| Date | What happens | Money in or out | Money left for this plan |
|---|---|---|---|
| 1 May | Starting amount after purchase funds are set aside | $2,400 available | $2,400 |
| 4 May | Final rent payment | $1,200 out | $1,200 |
| 8 May | Moving costs | $600 out | $600 |
| 10 May | Settlement uses the separately reserved purchase funds | No further amount from this plan | $600 |
| 15 May | Other costs | $400 out | $200 |
| 22 May | Get paid and allow for the week's other costs | $3,000 in and $400 out | $2,800 |
| 29 May | Other costs | $400 out | $2,400 |
| 5 June | Other costs | $400 out | $2,000 |
| 10 June | First mortgage debit | $3,000 out | $1,000 short |
The example needs another $1,000 or a change to its planned costs before the first debit. It also leaves only $200 before payday. In your own version, include the expenses that fall outside a weekly allowance and decide whether you need a buffer for changes. Keep uncertain income and refunds separate until their amount and arrival date are confirmed.
You can make this timeline in a notebook or spreadsheet and return to it as dates become clear. If you'd like a view of spending across eligible connected accounts, download WeMoney. Use that alongside your lender's confirmed schedule when updating the plan.
The contract of sale sets the settlement period. Your solicitor or conveyancer works with the lender and seller to complete the purchase and transfer the title. Ask them for an itemised statement showing the amount you need to provide, where it must be paid and when cleared funds must be available. Confirm when keys and possession will be available before relying on a moving date.
Your purchase budget may need to include transfer duty, legal or conveyancing fees, lender charges, insurance and adjustments for property outgoings. The amounts and timing depend on the transaction and jurisdiction. Record the actual figures and identify anything still estimated, including when insurance needs to begin. A percentage of the purchase price can hide costs or concessions that matter to your purchase.
If another sale is funding this one, ask your conveyancer how the settlements and money transfers will be coordinated. Completing a settlement and being able to use money paid out from it are different steps. Confirm the timetable with the professionals and institutions handling the payments.
Keep the answers with your loan documents so you can update the timeline without starting again. Before settlement, or promptly afterwards if a detail is still outstanding, ask:
Check the repayment details again after settlement. ANZ, for example, says the amount, frequency and next date can be viewed in its app or internet banking, although the details may take up to 48 hours to appear. If your schedule is unclear or you think you may miss a payment, contact your lender promptly. Do not wait for an assumed first-of-month date.
The loan term sets the planned repayment period. How long repayment actually takes also depends on the amount borrowed, interest rate and payments you make. Owning another property does not by itself establish that the new mortgage will be repaid sooner. For this first month, use the agreed schedule to make sure the immediate commitments fit alongside the rest of your life.
The WeMoney digest: one email each week with what is worth knowing about your money. No noise, unsubscribe any time.
We collect your email to send you the weekly WeMoney digest and for no other purpose. You can unsubscribe via the link in every email. Handled under our Privacy Policy.
We'd love to share it, and you'll get $50 if we record your video testimonial.
Share your storyABN: 88 633 007 860 WeMoney Pty Ltd
Information on this website is general in nature and is not financial or credit advice. It does not take into account your objectives, financial situation or needs. Consider whether it is appropriate for your circumstances, and read our Terms of Use, Credit Guide and Privacy Policy before acting on it.
All rights reserved.
Built with ❤️ in Australia
Australian Credit Licence (ACL): 526330
AFCA member: 79896
WeMoney acknowledges and pays respect to the past, present, and emerging Traditional Custodians of the land in which we live and work.
.png)
