Interest is calculated daily on the outstanding loan balance (net of any redraw, fees and offset). The daily interest rate applicable on the outstanding loan balance is based on the account’s actual interest rate divided by 365 day count basis. This daily interest rate is multiplied by the loan balance (net of any offset balances) and is capitalised to the loan on each repayment date.
How is interest calculated on a home loan?
Where can the total home loan interest charged per month be found?
The total interest charged in a month can be found on Macquarie Online and on the Macquarie Mobile Banking app under View account and interest details, or on your customer’s home loan statement where the interest portion of each repayment is noted.
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