Reduce My Mortgage Calculator
Discover how much you can save on your mortgage by using an offset account. This calculator helps you see the potential savings and how much faster you could pay off your loan.
Mortgage Reduction Calculator
Understanding Your Savings
This calculator shows the benefit of an offset account linked to your mortgage.
Loan Amount: The total amount of your home loan.
Interest Rate: The annual interest rate for your loan.
Loan Term: The original length of your mortgage.
Offset Account Balance: The amount of money you have in your offset account.
The interest saved is calculated by offsetting the balance in your account against your loan principal, reducing the interest charged.
Want to Reduce Your Mortgage Faster?
Our team can help you explore strategies like offset accounts and extra repayments to pay off your home loan sooner.
Frequently Asked Questions
What is a mortgage offset account?
An offset account is a savings or transaction account linked to your home loan. The balance in the account is 'offset' against your loan principal, so you only pay interest on the difference, which can save you a significant amount.
How does an offset account help me pay my loan faster?
By reducing the interest you pay, more of your regular repayment goes towards paying off the principal loan amount. This helps you pay down your loan faster and own your home sooner.
Can I still access the money in my offset account?
Yes, that's the great thing about an offset account. You can withdraw funds from it just like a regular transaction account, giving you flexibility while still saving on interest.
Is an offset account the same as making extra repayments?
They achieve a similar goal but in different ways. An offset account provides flexibility to access your funds, while extra repayments are a more direct way to pay down your loan. We can help you decide which strategy is best for you.