The home loan offset calculator helps you estimate how much interest and time you could save on your mortgage by using an offset account. By entering your loan and offset details, you can see how even little contributions can significantly reduce your loan balance over time.

What is an offset account?

An offset account is a bank account directly linked to your home loan. The money in this account reimburses your loan balance, which means you will only pay interest on the difference between the two. This can reduce the amount of interest you pay over time, potentially saving you thousands of dollars. You can deposit your income into this account and use it like a regular transaction account, allowing you to deposit, pay bills and make withdrawals when needed.

How to use an offset calculator?

To use the offset calculator, you need to provide key details about your home loan. Begin by entering the normal: the loan amount, the interest rate and the loan term and end with the repayment frequency, how often do you repay the loan? Once the basic information is laid out, you enter the offset details, basically the offset account balance. When the results are displayed, the monthly repayment with the interest saved, the time saved, and the revised time show up. This gives you a clear understanding of how your savings work for you by reducing your loan costs.

How is an offset account calculated?

An offset account can help you reduce your interest and shorten your loan term, give you access to your savings for flexibility and make not you but your money work for you.
Since interest on your home loan is calculated daily, the amount you can pay can change each day based on your current offset account balance. Although the interest is calculated daily, it’s applied monthly to your loan. This means that if you maintain a certain balance in your offset account for only part of the month, say a week, you’ll only reduce the interest for that specific period. So, the longer and larger your offset balance, the greater your savings over the life of your loan.

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Disclaimer: Results are estimates only based on the information you enter. They do not constitute financial advice, credit assistance, or a loan offer. Actual fees and eligibility may vary depending on your circumstances and lender assessment. Seek independent advice from a licensed mortgage broker before making financial decisions.

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How to use an offset calculator?

How is an offset account calculated?

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