Disclaimers

• How is this calculated?

  The results from this offset savings calculator gives an indication of the interest and time you could save on your loan by having money in your eligible Up Spending and Savers, and using our automated savings features to save more money in your eligible offset Savers over the loan term, compared to an Up Home loan without any offset balances.

  Money in eligible Up Spending and Savers counts as part of your offset balance for interest purposes.

  This calculator calculates your offset balance using the current savings balance you have indicated and the anticipated ongoing savings amount based on your Round Up selection and the amount you say you’ll save each month.

  The maximum amount you can input as the amount you’ll save each month is 20% of your income.

  The estimated savings results are calculated based on the information you’ve inputted, our current variable interest rate and the assumptions below and detailed for each feature. The actual savings you can achieve may be less depending on your spending habits, how you configure relevant Up features, whether the assumptions are correct for you, and changes to interest rates over the term of the loan.

  The calculator doesn’t take into account interest you could earn on your savings if they were held in an interest bearing account. The results from the calculator are generic and have been prepared without knowing your full financial circumstances. Before making a decision about a product you should consider whether the product is right for you and seek professional financial advice.

• Calculator Assumptions

  Indicated savings calculated using the calculator are based on the following assumptions:

  No Savers withdrawals

  The calculator assumes that money in your offset Savers (including the amounts you say you have or will save and from Round ups) is not spent or withdrawn from your offset Savers.

  No interest rate changes

  The calculator assumes our current interest rate applies for the full loan term and does not change.

  You don’t make additional repayments

  The calculator assumes you only make your required repayments and do not make additional repayments.

• Save with your pay

  Any money you have in an eligible Spending account offsets an Up Home loan, which means getting your pay into Up will reduce the interest on your loan while it is in your Spending account, even if you spend it all by the end of every month.

  Calculator information

  The calculator assumes that any money from your monthly income that’s not saved will be spent evenly over the month. Therefore your offset balance is calculated with the Spending balance reducing down to $0 by the end of the month.

  Our calculations are based on a monthly after tax (net) income amount. Income amounts that are entered as annual before tax (gross) amounts are converted to an approximate a monthly after tax (net) amount, using the tax tables provided by the Australian Tax Office and based on the assumption that one year contains exactly 52 weeks or 26 fortnights.

  We assume eligibility for the full tax-free threshold but our calculations do not take into account your individual tax situation, including any HECS/HELP debt, additional income, rental income, dependants, Medicare levy surcharge, or any deductions or tax strategies you may have.

• Save with Pay Splitting

  The more of your pay that you split into an eligible saver and keep there, the more your savings and offsets will be over time.

  Calculator information

  The maximum amount you can input as the amount you’ll save each month is 20% of your income.

  The calculator assumes that money in your offset Savers (including the amounts you say you have or will save and from Round ups) is not spent or withdrawn from your offset Savers.

  The calculator assumes that any money from your monthly income that’s not saved will be spent evenly over the month. Therefore your offset balance is calculated with the Spending balance reducing down to $0 by the end of the month.

• Save with Round Ups

  With Round Ups on, purchases are rounded up to the nearest dollar and those extra cents are put into the Saver of your choice. Boosting your Round Ups gives you the option to save up to $10 more per transaction on top of that. Round Ups will help you save even more over time, as everything in an eligible offset Saver will reduce the interest paid on your loan.

  Calculator information

  If you have indicated that you will use the Round Up functionality, the calculator calculates the ongoing savings amount based on an average of 2.19 Round Ups per day with an average amount of 50c per Round Up, with any Round Up boosts added on top of this. This is the median number of transactions and average Round Up amount for Up customers who use Round Ups at the time the calculator was created.

  The calculator assumes that money in your offset Savers (including the amounts you say you have or will save and from Round Ups) is not spent or withdrawn from your offset Savers.