What could I save with a TotalMoney home loan?

Use this calculator as a guide to find out how offsetting the balance of your transaction and savings accounts could save you interest and reduce the length of a TotalMoney home loan.

Current TotalMoney rate1
Effective rate2
Amount saved in interest3
Time shaved off your mortgage

About this calculator and home loans

This calculator is intended as a guide only and is not a quote or an offer of finance by BNZ.

We’ve had to make some assumptions to show you the potential savings:

  1. The interest rate remains the same for the term of your home loan. Note that in reality, interest rates are likely to change over time. Interest rate applies to loans that are directly secured against any owner occupied property i.e. the home that you own and live in.  Find out more
  2. Classic fixed rates are only available when you have at least 20% equity in the property provided as security, but where Auckland residential investment property is involved, more equity may be required, if Reserve Bank minimum equity restrictions apply. A BNZ transactional account with your salary or wages credited and one other product is required. Not available for packaged offers.
  3. An effective rate is calculated by using the annualised amount of interest charged after offsetting divided by the full loan amount outstanding. If the amount you offset changes, the effective rate will also change. Your home loan payments will still be calculated using the current TotalMoney variable interest rate. With TotalMoney, your repayments will remain the same. Because we do not calculate interest on the portion that is offset, the amount of interest paid within each repayment will be lower (and so your effective rate will be lower). Therefore the principal portion will be higher and the loan will be paid off faster.
  4. The interest on your home loan is calculated daily and charged monthly, over the term of your loan.
  5. The average balance of your transaction accounts will remain the same for the life of the loan.
  6. The balance of your savings accounts will increase by the amount you indicated for your intended monthly savings.
  7. You don’t make any additional lump sum repayments or increase your regular repayments above the standard repayments (but you could choose to do this to reduce the term and interest charges).
  8. There are no changes to the loan amount and you don’t borrow any extra on this loan.
  9. Actual amounts may vary slightly due to rounding.

Things you should know about our home loans

All home loans are subject to our lending criteria (including minimum equity requirements), terms and fees. Interest rates are subject to change. A low equity interest rate premium rate may apply if you have a low loan to value ratio. An establishment fee of up to $400 may apply for personal lending (the fee may be different for non-personal lending).