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Interest is calculated daily and charged on the last day of each month. To calculate the interest you will need to determine the outstanding balance of your loan account at the end of each day and note the number of days. Where a repayment has been applied during the month, do the same using the new balance. Take each balance and multiply by the annual interest rate, divide by 365, and multiply by the number of days.
Scenario:
Calculation:
We respectfully acknowledge the Traditional Custodians of all the lands on which we live and work, and we pay our respects to Elders past and present. We recognise their continued connection to the land, waters and culture and we acknowledge that sovereignty has never been ceded. Our head offices are located on the land of the Wurundjeri Woi Wurrung people of the Kulin Nation in Victoria, and the land of the Gadigal people of the Eora Nation in New South Wales.
We are an equal opportunity employer that celebrates the diversity, equity and inclusion of all people.
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