Nicole Helps explain why debt is not reducing – The Sydney Morning Herald

Hello Nicole,

I have come across your article titled “Nicole Helps identify a good offset account”. My questions to you is: I make loan repayments fortnightly and we have an offset account (this is something I will have to investigate further after reading your article). My real concern is why doesn’t my mortgage debt level reduce every time I make a repayment? Do I need to specifically request that my repayments should be paid as a principal payment to reduce my mortgage? I understand we pay interest and this is why sometimes we may not see the actual principal reduce but I am making fortnightly repayments and also have an offset account linked to my mortgage. Can I request a schedule of payment which shows projections of my deb…