To calculate how much interest you could save (and how much faster you could pay off your home loan), RAMS Offset Calculator takes into account your loan amount, interest rate, offset balance and repayment period.
An offset account is an everyday deposit account which is linked to your variable rate home loan: the money you hold in this offset account can reduce the amount of interest payable on your home loan. Additionally, the offset account acts as an everyday account and you can access your funds anytime.
Do you wish to calculate how much you could save by using an offset account? Our handy tool can help! For best results, fill in the outstanding loan amount (including interest rate and home loan duration) and the additional contributions to your offset account to estimate how much interest you could save on your home loan.
Whether buying a new home, refinancing an existing home loan or investing in property, RAMS mortgage calculators can give you an estimate of what your repayments could be, based on your home loan amount, your loan type and the interest rate you think you'll be paying. Once you get an idea of your mortgage repayments from the calculator, together with the rest of your budget, you'll start to see whether you can realistically afford the home you want to buy. Your local RAMS franchisee can also help guide you through this process.
Fees and costs when buying a house are not limited to the agreed property price. Government fees, Lenders Mortgage Insurance (where applicable), council rates and utilities all add up. That’s on top of upfront costs such as conveyancing fees, property inspections and removal costs.
Paying a little bit extra on your home loan from time to time could make a big difference in the end: if you don’t withdraw those additional amounts from your loan account, not only will the loan be paid back quicker, but it also reduces overall interest paid.
Having a clear idea of what your budget looks like, by combining multiple income and expense flows, allows you to plan ahead, work out where your money is going, and what your net disposable income is after tax.