Offset loan checker

Is your bank charging you the right amount?

Enter your loan details and this page works the way your bank does: interest accrues daily on your balance minus your offset, and is charged on the last day of each month. Compare the figures against your statement, line by line.

Your loan

These four fields are all that's needed. Everything updates as you type.

Outstanding loan amount

Offset account balance

Interest rate (% p.a.)

Repayment frequency

Optional — sharpen the result

Your actual repayment The exact amount your bank takes each cycle. Overrides the calculated figure.

Years remaining How long is left on your loan. Uses 25 years if left blank.

Regular offset deposit Money you add to your offset each repayment cycle.

Days in this month Match your statement cycle to check this month's charge. Uses 31 if left blank.

What the bank takes

Fortnightly repayment

–

Interest charged this month

–

effective balance–

daily rate–

interest per day–

× 31 days–

How to check your statement: your bank's daily accrual should equal the "interest per day" line above for any day your balances match. The monthly charge is the sum of each day's accrual, so if money moved in or out mid-month, expect the statement figure to sit near the total above rather than exactly on it.

What your offset is doing

Compared against the same loan with no offset balance and no deposits, simulated day by day until the loan is paid out.

Total interest saved

–

Over the remaining life of the loan

Loan term reduced by

–