Offset account details
Loan repayments are assumed to be made at the end of each month or fortnight (depending on the repayment frequency you select).
Loan repayments are assumed to occur immediately after the accrued loan interest has been charged to the loan.
One year is assumed to contain exactly 26 fortnights or 12 months. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.
All months are assumed to be of equal length.
The loan interest rate you enter into the calculator is assumed to be the annual nominal rate of interest, compounded per the loan repayment frequency. For example, for a loan interest of 6.00% p.a. and monthly repayments, the calculator assumes the interest rate charged is (6.00% / 12) = 0.5% per month, compounded monthly.
The loan interest rate you enter into the calculator is assumed to remain the applicable loan interest rate over the entire term of the loan.
The average offset balance is assumed to not change over the selected repayment frequency period.
The weekly and fortnightly loan repayment amounts are assumed to be a quarter and a half of the monthly repayment amount respectively.
The loan repayment amount is calculated assuming a standard home loan where both interest and principal is repaid over the loan term.