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How is interest calculated?

April 26, 2017calculated

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How is interest calculated?

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A. Interest is calculated on the outstanding daily balance of your loan. The daily interest rate equals your annual percentage rate at the time divided by 365. If you have an existing loan, your Loan Agreement will tell you how often your interest is debited to your loan.

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Interest is calculated on the closing daily balance. So if your home loan allows you to make additional repayments, any additional repayments save you interest.

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Complete information about this topic can be found on the following section: Calculating Interest

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Interest is assessed if the instalment payments, final payment, or payments on account are not received by the due date. Interest rates are reviewed quarterly. Please see Make a Payment and Interest Rates for more information.

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Interest is calculated on a monthly basis on the outstanding balance if full payment has not been received.

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