Your mortgage charges interest every single day
Most lenders calculate interest daily on your outstanding balance and add it to the loan monthly. So the meter is always running, quietly, in the background. Once you can see what a single day costs, the case for clearing the balance faster becomes hard to ignore.
See what your loan costs you each day
Move the sliders to your own numbers. The big figure is the interest your loan charges in a single day, before you have made any repayment at all. The formula is simple: your balance, times your annual rate, divided by 365.
Interest is worked out daily, but the bank only charges it to your loan once a month. Paying weekly or fortnightly instead of monthly does not change what the bank charges — the charge still lands monthly.
Why the daily charge changes how you should pay
Because interest is worked out on the balance each day, the size of that balance on any given day is what matters, not just the size of your repayment at the end of the month. Every dollar that sits against the loan, and every day it sits there, reduces the interest that accrues.
That is why the timing of money matters. Income that lands in an offset or redraw and stays there lowers the balance the daily calculation runs on. Paying more often, or paying down even a small lump sum, shrinks the daily charge from that day forward. None of this needs a new loan or a lower rate. It is the same mortgage, used more efficiently.
This is the lever FastPay pulls. We help you structure your everyday money so more of it works against the balance, for more of the time, so the daily interest you pay keeps falling and the loan clears years sooner.
Timing counts
The sooner money sits against the balance, the fewer days it is charged interest. When your money lands matters, not only how much you repay.
Every dollar counts
A lower balance is charged less interest the very next day, and every day after. Small, consistent reductions compound into years off the loan.
Lower the balance, lower the daily charge.
A free FastPay assessment shows how many years and how much interest you can save, on the income and lifestyle you have now.
Where your repayment really goes
See how little of an early repayment actually reduces your debt.
Results are indicative only and should be used as a guide. They are neither a quote nor a pre-qualification. The calculator shows simple interest on the balance you enter using the formula balance × annual rate ÷ 365; it does not account for repayments, fees, offset balances, or the way your particular lender compounds interest. Your loan's actual figures will differ. Oculus FastPay is not a lender or a broker and does not provide financial product advice.