Rapid Pay calculator

Our Rapid pay calculator can help you to find out how you could save thousands of dollars and pay off your home loan sooner. It’s easy to use and only takes around 5 minutes to complete. Simply:

Enter the amount you want to borrow, or your current loan amount and annual interest rate
Click on the tabs on the next page to see different strategies including:Select the menu on the next page to see different strategies including:
- refinancing
- changing your payment frequency
- making extra repayments
- using an offset account.
Review your results.

Home loan details

Loan amount

Loan term

years

Repayment frequency

Annual interest rate

Loan type

Rapid Pay calculator

Click on each tab to see how you could reduce your home loan by using one or more of the below strategies.

Select the menu to see how you could reduce your home loan by using one or more of the below strategies.

Home loan balance

Current monthly repayments *

$1,048

Once the interest only period ends
Your monthly repayments will be *

$9,999

Standard monthly repayments
(based on principal and interest)

$1,048

New home loan details

Loan amount

Loan term

years

Repayment frequency

Annual interest rate

Loan type

New monthly repayments *

$1,048

Once the interest only periods ends
Your monthly repayments will be *

$9,999

New standard monthly repayments
(based on principal and interest)

$1,048

Current monthly repayments *

$1,048

Once the interest only periods ends
Your monthly repayments will be *

$9,999

Standard monthly repayments
(based on principal and interest)

$1,048

Show Chart

Extra repayments

Additional monthly
repayments

Lump sum
payments

Additional monthly repayments

Repayment commences

Done

Make lump sum repayments (one off repayments)

Repayment commences

Lump sum amount

Commences

Month

Year

Done

Lump sum amount

Commences

Done

Lump sum amount

Commences

Done

Lump sum amount

Commences

Done

Show Chart

Offset account

Living expenses*

Income into the account

Net income 1

paid per

Net income 2

paid per

By depositing all your regular income and earnings into an offset account, you could save money and pay off your home loan sooner.

It works by offsetting your account balance against your home loan, so the interest you pay is calculated on the difference between these two, rather than on your full home loan amount.

Use your credit card to pay for living expenses. Then use your offset account to pay off your credit card balance prior to the due date. Ensuring the balance is paid off before interest is incurred.

Weekly expenses

Fortnightly expenses

Monthly expenses

Quarterly expenses

Annual expenses

* Repayments are already included
¹This amount will be deducted from your offset account monthly

New monthly repayments *

$1,048

Once the interest only periods ends
Your monthly repayments will be *

$9,999

New standard monthly repayments
(based on principal and interest)

$1,048

Show Chart

Rapid Pay calculator

Home loan details

	Current scenario	New scenario
Loan amount
Loan term
Annual interest rate
Loan type
Repayment frequency



Results
	Current scenario	New scenario	Savings
Interest	0	0	0
Loan term	0	0	0
Repayment details
Current repayments
Once the interest only period ends the repayments will be	$9,999	$9,999
Standard monthly repayments (based on principal and interest)
Additional repayments
Additional repayments commenced in
Lump sum payment details
Lump sum amount 1		paid in
Lump sum amount 2		paid in
Lump sum amount 3		paid in
Lump sum amount 4		paid in
Total lump sum amount paid in		0
Income
Net income 1
Net income 2
Total net annual income		0
Expenses		Amount deducted from account	Amount charged to the credit card
Weekly expenses		0	0
Fortnightly expenses		0	0
Monthly expenses		0	0
Quarterly expenses		0	0
Annual expenses		0	0
Total expenses per account - per annum		0	0
Total expenses - per annum		0

Assumptions and disclaimer

Assumptions

1.	Repayments
	Standard repayments are paid at the end of each period. Extra repayments, including lump sum payments, are assumed to be paid at the same time as standard repayments. The interest rate used for the calculation is constant for the life of the loan; however, for a loan which has an interest only period, the interest rate for the interest only period may be different from that used for the period during which principal is repaid.
2.	Living expenses
	Payments occur at the end of each period. Credit card bill comes four weeks after the start of the loan and every month after that. Credit card bill is due 25 days after the bill comes.
3.	Savings and interest
	Fortnightly and weekly cash flows are assumed to be equally spread over each year e.g. one year has 26 fortnights and 52 weeks. Saving patterns remain the same i.e. over the loan term the same amount will be saved and any salary increases are spent (and hence are not available to pay down the loan). (That is, there is no explicit allowance for salary increases.)
4.	Calculations are done monthly; however repayments and interest allow appropriately for your nominated repayment frequency.
5.	A Line of Credit loan is not able to have a linked offset account, but the structure of a Line of Credit loan allows a customer to achieve an equivalent outcome without a linked offset account. For a Line of Credit loan, references to the offset account are taken to be references to the Line of Credit loan.

Disclaimers

1.	The figures shown in this calculator are approximations only and are not guaranteed by AMP Bank.
2.	The AMP Rapid Pay calculator is not an offer for a loan. To apply for an AMP Bank home loan, you must complete an application form. Approval is subject to AMP Bank lending guidelines.
3.	AMP Bank cannot and does not predict how quickly or the amounts by which variable interest rates may change. When taking out an AMP Bank loan, certain fees and charges are payable by the borrower. These include: Government Stamp Duty and Registration Costs; Establishment Fee; Lender's Mortgage Insurance; and other fees and charges.
4.	AMP Bank specifically disclaims any liability (whether based in contract, tort, strict liability or otherwise) for any direct, indirect, incidental, consequential, or special damages arising out of or in any way connected with the access to or use of this calculator. Other than as required under consumer protection law, under no circumstances will AMP and its related companies be liable for any loss or damage caused by a user's reliance on information obtained by using this calculator.
5.	The credit provider is AMP Bank Limited ABN 15 081 596 009.