Home Loan Offset Calculator

Home Loan Offset Calculator
The Home Loan Offset calculator shows how much of an impact an offset account can make to the overall time of the loan and total interest payable. An offset account is an everyday transaction account which is linked to your variable rate home loan. The money you hold in this offset account can then reduce the amount of interest payable on your home loan. As this is an everyday transaction account, you can access your funds anytime as required. It is not like a redraw facility where the extra money you have is paid directly onto the loan to offset the interest, and then redrawn in lump sum amounts as it is required. It’s just a normal everyday account that you can put money into, such as your regular income payment, and then used again for everyday transactions as it suits you.
Any money that you have in this account offsets the amount of interest on the home loan for that amount, from the transaction account. For example, if you have taken out a new loan over 30 years, with a loan balance of $750,000 and has a 6% interest rate, if you had $25,000 in savings sitting in the offset account at any one time during the life of your loan, you would save over 2 years off the life of the loan and over $114,000 in interest payable over the loan term. Any balance passing through this account will have an impact on the interest payable for that period. If you enter the balance of your outstanding loan amount below (including interest rate and home loan duration) and the additional contributions to your offset account, you can estimate how much interest you could save on your home loan. * The calculator below has been provided in good faith as a guidance tool only. Results are not financial advice, are a guide only, and are not a guaranteed outcome or quote. Borrowers should always discuss their individual situation with an Australian Credit Licensee or authorised Credit Representative.

Starting the Home Buying Process

01.
Save For A House Deposit Or Ask Family For Help
There are several ways to secure your new home, from actual cash savings to guarantor loans or family gifts. Get in touch with me for more details.
02.
Work Out What You Can Afford To Borrow
By entering your income and expenses into my calculators, you can determine your borrowing capacity and eligibility before you even begin your property search.
03.
Research The Market And Find Your Best Rate
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04.
Start Searching For Your New Home
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TWB CO PTY LTD trading as The Wandering Broker Australian Credit Representative Number: 555660 ABN: 97 238 027 627 ACN: 673 504 008 Kelly Bowles, trading as The Wandering Broker, is authorised as a Australian Credit Representative to engage in credit activities on behalf of Vow Financial Pty Ltd ABN 55 138 789 161 (Australian Credit Licence Number 390261).