We get this question a lot! Kirsty explains how the bank works out what your minimum repayments are going to be, and what they’re based on.
Spoiler: if you pay extra into your redraw, your minimum repayments may not change (different banks behave differently) because they are based on the loan as a whole (unless your bank does it the other way!), but you won’t pay extra interest on the amount you’ve got sitting in your redraw which means you’re actually going to be much further ahead when you keep making those higher repayments and if you want to lower your repayments yourself manually you can.