Bankwest Forum

Ask a new question
Reply
New Member

why do my home loan payments vary so much from month to month when the rate is unchanged?

Posted by trishd trishd
Message 1 of 2 843 Views

My monthly repayments on my home loans are always different, from month to month they vary quite dramatically, yet they interest rate has not changed. I thought that perhaps it might be different amounts in my offset account, but it happens with my interest only investment account (that does not have an offset) too. Can you please tell me why this is?

Reply
0 Kudos
Moderator

Re: why do my home loan payments vary so much from month to month when the rate is unchanged?

Posted by SarahF SarahF
Message 2 of 2 842 Views

Hi @trishd, thanks for your enquiry in regards to this. Interest for a home loan is calculated daily and charged on the interest raising date. In some cases there may be more days depending on how many days are in that period of time etc. The interest raising date needs to be a business day so if there have been any public holidays or weekends then this may add a few extra days for that period (which means you'd have less in the following period) Hope that helps clarify why there may be different amounts charged each month Smiley Happy

Reply
0 Kudos
Ask a new question
Top kudoed contributors

Bankwest SWIFT code: BKWAAU6P | Find your BSB by logging into Online Banking
© 2017 Copyright Bankwest, a division of Commonwealth Bank of Australia (Bankwest) ABN 48 123 123 124 AFSL / Australian credit licence 234945. All rights reserved. To use this Website, you are required to read the Financial Services Guide (which you agree to be provided by accessing the link). Bankwest is a division of Commonwealth Bank of Australia, which is the product issuer unless otherwise stated. Rates stated are subject to change without notice. Any advice given does not take into account your objectives, financial situation or needs so please consider whether it is appropriate for you. For deposit and payment products, please ensure you read and consider the Product Disclosure Statement (which you agree to be provided through this link) before making any decision about the product(s). For lending products, lending criteria and fees and charges apply. Terms and conditions apply and are available on request.