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Variable home loan repayments

Posted by damienvanr damienvanr
Message 1 of 2 377 Views

I have a Complete Variable Home Loan (interest only) with 100% offset.  My replayments change month to month dependant on how much is in my offset accounts, and recently, also because interest rates have decreased.  How can I check what my repayments will be and how they are being calculated?  Shouldn't Bankwest provide a detailed summary of how my monthly repayments have been calculated?

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Re: Variable home loan repayments

Posted by PeteW PeteW
Message 2 of 2 372 Views

Thanks for your question @damienvanr. Due to the activity on your Offset account, you can't precalculate the debit interest without knowing the daily balance of the offset.

 

Interest is calculated based on the outstanding balance of your home loan, minus the closing balance of your account each day and is charged monthly. We don't provide a detailed summary as you've suggested, just the daily transactions on your account(s) which provides the closing balance and therefore the debit interest can be calculated.

 

Hope this helps.

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