How do I check the interest on my home loan?

Home loan interest is worked out on the balance each day and charged once a month. Multiply each day's balance by the yearly rate in your agreement, divide by 365, and add the days up for the month. Compare the total with the interest line on your statement. A change in prime applies from its effective date.

How the working goes

Your bond statement is a ledger: every payment, fee and interest charge with its date. From it the balance on each day is known. The day's interest is that balance times the yearly rate, divided by 365.

Add the days between one interest charge and the next and you have what the charge should be. A payment made early in the month lowers the balance for the rest of it, so the date a payment lands matters.

Your rate is usually prime plus or minus a margin. When prime changes, the new rate applies from that date, so a month with a change in it is charged at two rates.

Where Akurra fits

Akurra walks your statement day by day on its own running balance, applies the rate your agreement gives with each change in prime on its date, and sets every interest charge beside the figure that working gives.