This calculator is intended as a guide to find out how you could save interest and pay off your mortgage faster by offsetting the balance of your transaction and savings accounts against a TotalMoney home loan

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

Notes about this calculator

1. The Current TotalMoney rate shown above is Residential Owner Occupied and subject to change. Residential Investor rate may vary. Low equity interest rate premium may apply to loans with less than 20% equity. Product eligibility criteria and an establishment fee of up to $150 may apply.

2. 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 of each repayment will be higher and the loan will be paid off faster.

The interest on your home loan is calculated daily and charged monthly, over the term of your loan.

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

  • 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.
  • The average balance of your transaction accounts will remain the same for the life of the loan.
  • The balance of your savings accounts will increase by the amount you indicated for your intended monthly savings.
  • 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).
  • There are no changes to the loan amount and you don’t borrow any extra on this loan.
  • Actual amounts may vary slightly due to rounding.