Annual Interest Saving
A$NaN
Total Interest Saved
A$NaN
Months Saved on Loan
0
Offset Account कैलकुलेटर — गृह ऋण Balance A$4,00,000
With गृह ऋण balance of A$4,00,000, the annual interest saving is A$1,950.
Annual Interest Saving
AUD1,950
Total Interest Saved
AUD48,750
Months Saved on Loan
23
Simplified estimate. Actual savings depend on how the offset balance changes over time. A 100% offset account directly reduces the balance on which interest is charged.
What is the Offset Account Calculator?
An offset account is a transaction account linked to your mortgage. The balance in the offset account is subtracted from your loan balance before interest is calculated, reducing interest charged each day.
Formula
Annual Interest Saving = Offset Balance × Loan Rate. Monthly saving = Annual ÷ 12.- O
- = Offset account balance
- r
- = Annual loan interest rate (decimal)
How to use the Offset Account Calculator
- 1
Step 1
Enter your current home loan balance.
- 2
Step 2
Enter your offset account balance.
- 3
Step 3
Enter your home loan interest rate.
- 4
Step 4
Enter remaining loan term.
- 5
Step 5
View interest and time savings.
Reviewed by
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Frequently asked questions
Is an offset account better than a redraw facility?
An offset account lets you access funds freely while reducing interest daily. A redraw facility reduces interest but accessing funds may be restricted. Offsets provide more flexibility and are generally preferred.
Sources
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Calculated with CalcCrack