I have a interest only loan, if I pay money into this mortgage account, does it lower my repayment amount?

Hi Joanne.
Yes, it will reduce the repayment. Interest is calculated on the daily balance of your loan and charged monthly so whether it is in the loan or in a linked offset account, it will be reducing the monthly interest charged
If you have any further questions, please don't hesitate to give me a call?
Scott Howell
mobilelender.com.au
0435474498

The minimum required interest only repayment is calculated daily and billed monthly
Any surplus funds can be redrawn
If you intend parking surplus funds regularly that you want access to please make sure you have an off set attached to your loan
Please feel free to contact me
roscoacademy@gmail.com
Cheers
Rosco