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Variance in interest charges

Posted by 57082948 57082948
Message 1 of 2 89 Views

Our loan account automatically draw the interest payment from our offset yet every month on the statements the interest charged is greatly less than what is drawn from offset. Yet the diffence in charges just vanishes. Id like to know where these 1000's of $$ have gone!

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Re: Variance in interest charges

Posted by DanaeC DanaeC
Message 2 of 2 78 Views

Hi @57082948, thanks for your enquiry.

For security reasons I won't be able to view your accounts via the Forum, however it sounds like you may be referring to the difference in the interest and principal reduction.

 

As an example, if your minimum monthly repayment is $1000, you would see a debit from your everyday account of $1000, and a credit to your home loan for the same figure. However, the amount debited from the home loan with the narration "Debit Interest" would be around $700 - $800. The remaining $200 - $300 would be taken off the amount you originally borrowed from the bank, as a reduction from the principal.

The reason this does not show as a transaction, is because this is not a charge to your account. You will be able to see the limit reducing each month, either on your Online Banking Account Balances screen, or by comparing your statements when they are issued.

 

If you would like to have your repayment amount looked into specifically, you can call our Contact Centre on 13 17 19 between 8am - 8pm your local time, 7 days a week. Alternatively, you can login to your Online Banking and select "Message us Now" between 7am - 6pm AWST Monday - Friday.

 

Hope this helps.

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