How is interest calculated on my home loan?

See all Home loans FAQs

Last updated 03 February 2015

Interest is calculated on the outstanding balance of your home loan at the close of each business each day. We multiply this amount by your interest rate and divide by 365 days. We then add together each daily interest charge for the month and charge this amount to your loan. 

Where can I find out my interest rate? 

You can find the interest rate on the first page of your home loan statement or in NetBank, go to View Accounts, Transactions. 

Why does my interest amount vary in some months?

Interest amounts vary because the amount of days in each month varies and interest is calculated on a daily basis.  Eg 30 days in September and 31 days in October

Talk to us

Contact our Home Loan Specialists on 13 2224 8am to 8pm, 365 days, visit your nearest branch or talk to your broker, to arrange a free Home Loan Health Check. Find out more. 

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