I would like to ask if you guys check if the bank charges the interest correctly?
Is there any calculator which I can use to calculate the interest for offset acc?
I remember a post ages ago about a software program that audits bank statements for this sort of stuff. If you do a search you may be able to find it.
Thanks Jamie & s0805.
Yeah, this is something I am looking for….. Thanks heaps
Thanks again!CattleyaParticipant@cattleyaJoin Date: 2008Post Count: 121
I did try to calculate as well, just to ensure the calculations are correct. Tried it a few times, seemed ok so I stopped counting. Do you guys check regularly?
Elisey, would be interested to know how you go, whether there is any mistake.
Here to learn the ropes of property investing & share knowledge, not trying to sell anything at all.
I checked this every month for all of my loans…..happy to say that never found any mistakes…..but i prefer to do it regardless…..
It also gives me understanding how much offset is saving me on interest for particular month……and how long will it take based on offset savings to pay off the loan etc….
I normally dont check it. But for last month, there is a big jump of about $80 on the interest repayment compared to the previous 2 months. The interest rate stays the same for the past 2 or 3 months, I just dont understand why, as the interest should be more or less the same, shouldn't be the huge difference.
I use the software as recommended above, I still cant get the rate right.
I also try to use excel spreadsheet, which turn out that the figures are the same as the software.
Then I use other statements to check, those are only abt 20cents to 30cents difference which is still acceptable.
So may need to clarify with bank.
Was told that bank calculate interest on daily basis and it depends on when they close the account. The statement date may not be the date they close the account.
ie: Statement date 1/4/13 to 30/4/13
But due to long easter break, the interest is calculated from 28/3/13 to 30/4/13.
Yep – it's the daily interest calculations and fluctuations in the number of days in the month that will cause variations in your monthly repayments. That's why Feb repayments are usually lower than other months.
JamieschesterfieldsMember@schesterfieldsJoin Date: 2013Post Count: 3
Oh wow, those were helpful.. thanks!keikoParticipant@keikoJoin Date: 2008Post Count: 513
I have been over charged several times and had money refunded, best to check although I rarely do. Due to check again actuallyTony FlemingParticipant@the-dark-knightJoin Date: 2008Post Count: 396
This has definetly got me thinking. I got overcharged by $5k on LMI and they picked up on it like 8 months later and refunded it but this topic has definetly got me thinking to double check the interest.
I had one of the majors randomly debit $500 from my credit card once – the description for the transaction was a 5 digit number. After hassling them for a while, they conceded that they had accidently charged me for another customers settlement fee related to a property purchase in Sydney….lucky I bothered to check my statements.
i calculate the interest charged every month with simple excel spreadsheets….and glad that no issues so far….regardless i found that as very exercise..