Online offset calculators revamped and revisited

by AB14 May 2013

Go Figure Calculators has announced the development of a calculator that enables borrowers to determine how much money they can save by using offset accounts.

The offset calculator will be available for use on finance and mortgage industry websites as part of the company’s ‘iCrunchr’ range.

iCrunchr offers a free home loan calculator to businesses for use on websites, in addition to a range of other calculators for use by the finance industry. The calculators are built in HTML so they work on iPads, iPhones and Smartphones.

Go Figure Calculators director, Geoff Brieger, says offset calculators and line of credit calculators are making a resurgence ten years after authorities cracked down on the tools.

“In 2004, calculators virtually disappeared from over 100 bank websites overnight as regulators began investigating their accuracy,” Brieger says. “ASIC claimed that a particular company’s line of credit calculator might be misleading or deceptive, so the company withdrew its calculator and many other calculator providers followed suit.”

Brieger says borrowers are becoming more mortgage-friendly and have begun requesting tools to make decisions ‘on the spot’.

He says iCrunchr is powered by another popular finance tool, known as eTracka, which is an offset and line of credit calculator capable of performing salary crediting and other calculations.

“Consumers are often told to get offset accounts as part of their loan packages but are unable to calculate the benefits of doing it. The iCrunchr calculator shows the benefits and keeps it simple.”

“You can tailor colours to suit your website and business brand and iCrunchr is a fraction of the price you’ll pay elsewhere”, he says.

Brieger says a calculator is a ‘must-have’ tool for websites, as they attracted internet searches.

“If you haven’t got calculators on your website then you are missing a lot of opportunities to generate new business.”