Frequently asked questions
Everything you need to know about Owly.
Getting started
Is Owly free to use?
Yes — completely free, no credit card required. We may introduce paid features for businesses in the future, but the personal debt dashboard will always be free.
Does Owly connect to my bank?
No — and this is a deliberate choice. Manual entry means no bank credentials are ever shared, no third-party tokens to revoke, and no dependency on open banking APIs that can break or get compromised. The trade-off is a few minutes to set up; what you get in return is that Owly has no automated access to your accounts whatsoever.
What types of loans can I track?
Mortgages (fixed and floating), car loans, personal loans, hire purchase, credit cards, revolving credit facilities, business loans, and student loans. NZ Inland Revenue student loans are automatically set to 0% — they're interest-free for borrowers based in New Zealand. If you're living overseas and IRD is charging you interest, you can update the rate manually.
Is my data safe?
Your data is stored in Supabase, encrypted in transit and at rest. We don't sell it, share it, or use it for advertising. You can permanently delete your account and all associated data from Settings — no waiting period, no retention.
Using Owly
Why should I track my debt?
Most New Zealanders carry several debts — a mortgage, car loan, student debt, maybe a credit card — but have no single view of what it's all costing them. Owly shows your combined balance, your weighted average interest rate, and what you're paying in interest each day. A specific daily cost tends to be more motivating than a vague total.
How can I pay my loans off faster?
The most reliable lever is paying a fixed amount above your minimums and directing any extra toward a specific target debt, consistently. On Owly's Strategy page you choose an ordering method for your debts, then use the overpayment slider to model different extra-payment amounts. The simulator shows the exact reduction in payoff date and total interest for each scenario — which tends to be more actionable than a general rule about paying more.
What's the difference between the debt avalanche and the debt snowball?
The avalanche orders your debts by interest rate, highest first — minimums on everything else, every extra dollar to the costliest debt. It saves the most money overall. The snowball orders by balance, smallest first — debts disappear faster, and research suggests the steady wins keep people motivated and less likely to abandon the plan. Both strategies work; the best one is the one you'll actually finish. Debt Avalanche vs Snowball NZ →
Why does my debt-free date improve when I select a strategy, even without increasing my repayments?
When you select a strategy, Owly applies automatic rollover — as each loan is paid off, its repayment amount redirects to your next priority loan rather than disappearing from your budget. This alone can shave years off your debt-free date without spending a dollar more. The strategy you choose (Avalanche, Snowball, or Cashflow Booster) determines which loan receives that redirected money first. As each debt clears, the money rolls forward and builds momentum.
How do I know when my fixed mortgage rate expires?
When you add a fixed-rate mortgage, enter your refix date. Owly emails you 90 days before it expires, then again at 30 days. That lead time matters in NZ — mortgage brokers recommend having at least 60 days to properly compare offers, negotiate with your current lender, or switch if you find a better deal. Most NZ banks will let you lock a rate up to 90 days in advance.