Home Loan Offset Calculator
Use this calculator to find out how much interest you could save on your home loan with offset account whilst having your money readily available for you. An offset account is a transaction account that can be linked to your home or investment loan. The credit balance of your transaction account is offset daily against your outstanding loan balance, reducing the interest payable on that loan whilst still having easy access to your money.
For instance, in any given day if you have outstanding balance of $400,000.00 in your home loan & $50,000.00 in your linked offset account, you will be charged interest on $350,000.00 ($400,000.00 - $50,000.00) only for the respective day. And good thing is you can deposit & withdraw money from that offset account any time, it will be reflected in the interest charges on a daily basis.
Not sure how exactly it works? Talk to one of our experienced finance brokers. Please fill in one of the contact us form or call us on 1300 551 334. We will happily assist.
Frequenly Asked Questions
What are the requirements
for getting a home loan?
Maximum loan you can borrow is 97% of property value. So you will need 3% of purchase price plus costs. e.g. Stamp Duty, Lenders Mortgage Insurance, Bank Fees, Legal Fees etc. Find out in Detail>>
Every lender & bank has their own borrowing capacity calculator. Which will take account of your income, living expenses, credit card limits & all other financial commitments to
calculate how much maximum they can lend you. Find out in Detail>>
How much money can I borrow
from the bank?
How much money should I have in the begining to buy home?
Generally speaking, regular income, good credit history & enough saving for 3% deposit of purchase price plus costs e.g. stamp duty, lenders mortgage insurance, legal fees etc. is the key requirement to get a home loan approved. Find out in Detail>>