Common use of Offset Amount Clause in Contracts

Offset Amount. For each day that your Offset Savings Account balance is in credit, the interest applicable to your linked loan account will be reduced by an offset amount. We explain below how we calculate this amount: offset savings account balance x 365 loan account interest rate $50,000 x 6.7% Offset amount for that day = $9.17

Offset Amount. For each day that your Offset Savings Account balance is in credit, the interest applicable to your linked loan account will be reduced by an offset amount. We explain below how we calculate this amount: offset savings x loan account account balance x 365 loan account interest rate 365 $50,000 x 6.7% 365 Offset amount for that day = $9.17