Description

This calculator helps you find out how much time and interest you could save by using an offset account with your home loan.

Assumptions

• It does not take into account any possible fees i.e. up-front fees or ongoing fees.
• Interest rates do not change over the loan term.
• Repayment frequency selected (i.e. weekly, fortnightly, monthly) is applied consistently throughout the loan term.
• It is assumed that a year consists 26 fortnights or 52 weeks which is equivalent to 12 months in a year.
• No rounding of the actual payment amount is done to keep the “term” strict in practice.
• The offset account balance remains constant throughout the loan term.
• Interest is calculated on the loan balance minus the offset account balance.