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Mel
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Does my monthly Homeloan interest decrease my Homeloan available balance?

Posted by Mel Mel
Message 1 of 2 332 Views
I would like to keep the majority of my savings in my homeloan, however i'm concerned that the monthly interest accrued to my homeloan will eat into these savings without making any difference to my balance owing. Could somebody please explain to me how the monthly interest accrued on my homeloan will impact my available balance and balance owing please?
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Re: Does my monthly Homeloan interest decrease my Homeloan available balance?

Posted by SarahF SarahF
Message 2 of 2 329 Views

Hi @Mel, thanks for contacting us in regards to this. If you put your extra funds into your home loan this will offset the interest you're paying. For example if you have a $400,000 home loan and you put $10,000 into this home loan you will only pay interest on $390,000.

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