The following terms are used by Home Loan Interest Manager to represent your loan and mortgage information:
Note: An account balance should be set to a negative number when you owe money. Therefore all your loan and mortgage accounts will normally have a negative balance.
The loan summary view is the main screen for each account, and it provides you with a quick overview of your loan details.
The Latest Information section of the screen shows you the current balance, interest rate and remaining term of the loan. The Account Contents section, provides you with a summary of how much information you have entered into Home Loan Interest Manager for each account (the number of statements, transactions and interest rate changes).
The Summary Payout Plan section (Pro Version Only) shows you the thousands you can save by paying off your home loan or mortgage earlier, along with the repayment adjustment required to meet your target. You simply set a target you are comfortable with and Home Loan Interest Manager keeps the figures up to date each time you enter new loan information.
The Report Launcher section provides a quick an easy way to run any of the reports for the current loan or mortgage being displayed.
The first step in auditing your loan or mortgage is to check that the sum of the transactions on your statement matches the balance reported by the lender.
Once you have entered your loan account, statements and transactions the Balance Checker Report will automatically do this for you and quickly highlights any errors in the balances.
Refer to Balance Checker Report for more information.
When you are satisfied that the balances are correct, and you have entered all of the interest rate changes for the loan, you can run the Interest Checker Report.
The interest checker report recalculates all the interest amounts for the loan, matches them to each interest transaction reported by the lender, and highlights any differences.
If you have an offset account linked to the loan, the interest calculations will automatically take into account the offset account balance. You can see a breakdown of the offset account benefit by selecting the Offset Account tab in the Interest Checker report.
Refer to Interest Checker Report for more information.
When you find a bank or lender error, you need to calculate the refund amount you are due. If the error happened some time ago you will have been paying interest on the error, and the refund amount could be considerably more than just the original error amount.
The refund calculator report is designed to calculate the true cost of each error on your home loan or mortgage, taking into account the time since the error took place, interest and compound interest paid, manual adjustments, interest rate changes and additional deposits and withdrawals.
Refer to Refund Calculator Report for more information.
The detailed payout plan report is designed to help you pay-off your mortgage sooner and show you the amount of interest you can save if you make your target.
It allows you to adjust the current loan balance, interest rate, balance date, payment frequency as well as the loan term, so you can compare original and target loan terms for a whole range of scenarios.
If you are looking to save thousands in interest payments, then this report is the place to start.
Refer to Payout Plan Report for more information.
The interest rate rise report allows you to enter a new interest rate for a loan or mortgage, allowing you to see how much better or worse off you will be when interest rates change, and the impact it will have on your loan repayments.
If you are worried about interest rate changes (and interest rate rises in particular) then this report will help.
Refer to Interest Rate Rise Report for more information.
The daily interest report provides a day-by-day breakdown of the interest payable on a loan.
The report provides you with all the details you need to perform thorough audits on your loans and mortgages. It allows you to find the interest payable between any two dates, audit your lenders calculations when you find an error or request a refund, provide insight into you lenders calculations and allows you to load the results into other applications to perform detailed financial analysis.
Refer to Daily Interest Report for more information.
To help process all you loan information, Home Loan Interest Manager groups it two levels:
A default list of Categories and Parent Categories is shipped with Home Loan Interest Manager. You can add/edit/delete the Categories to suit your needs.
Please note that the INTEREST parent category (and all the categories linked to it) is used by the Interest Checker Report to perform its calculations. Categories in this group should only be allocated to transactions that represent periodic interest charges.
To save you manually typing in all your transactions, Home Loan Interest Manager provides you with an import wizard that allows you to load your transactions electronically.
Refer to Importing Transactions for more information.
To save you manually allocating categories to every transaction, Home Loan Interest Manager provides you with a Category Auto-Matching tool.
This tool will automatically allocate categories to transactions by:
Refer to Category Auto-Matching for more information.
Home Loan Interest Manager stores all your Account, Statement, Transaction, Interest Rate, Category and Parent Category information in a Workbook (with a file extension of .hlnn). You can create as many workbooks as you need.