on 09-05-2016 08:35 PM
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?
on 10-05-2016 10:13 AM
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