on 25-03-2017 10:32 AM
i have a complete variable home loan and an offset transaction account. On my home loan account it says I have an available balance. What is this? Is it interest earned on the account? How can I use it?
on 29-03-2017 07:51 AM
Hi @Davew, thanks for contacting us in regards to this. Whilst interest is not earned on a home loan, any amount showing as available is assisting to reduce the amount of interest you are paying. An available balance is any amount you have paid into the loan, over and above your required minimum monthly amount. As long as the minimum monthly repayment amount is showing as available in full by the monthly due date, you can request to access any remaining funds should you want to. Hope this helps