Setting up mortgage payments

[Liz]

On Wed, 09 Jan 2013 11:13:03 +1100
prl <prl at ozemail.com.au> wrote:

> On 9/01/13 03:33, Derek Atkins wrote:
> > prl <prl at ozemail.com.au> writes:
> >
> >> Even balance-at-date is insufficient for calculating my mortgage
> >> interest.
> > Oh?  And why is that?
> >
> Because my interest rate can change on days when there is no 
> transaction, interest is calculated daily (and debited monthly) and
> my payments are fortnightly. For example, my last interest rate
> change was on 24 Dec. My payments were on 21 Dec and 4 Jan. Interest
> was debited on 31 Dec. I've had two interest rate changes since the
> loan commenced in July.
> 
>
big snip
> Would you think it worth the effort?
> 
> Peter


to confirm, this is most common way of arranging a loan for property in
AU.
Liz