Calculators
See what staying with your current loan is costing you, and how quickly switching would pay for itself once the costs of switching are counted.
Estimates for planning only.
Estimated monthly saving
$222.03
Current monthly repayment
$4,051.24
New monthly repayment
$3,829.21
Total interest, current loan
$615,372.89
Total interest, new loan
$548,764.44
Break-even
5 months
Before you switch
Ask your current lender to reprice first. Many will match a competing offer to keep you, which saves the switching costs entirely. If you do move, check the new loan keeps the features you rely on, such as an offset account or redraw, and that the new term is not quietly longer than the years you have left.
It is worth it when the monthly saving recovers what switching costs within a time frame you are comfortable with, and the new loan still has the features you use. This calculator shows the break-even point: the number of months until the lower repayment has paid back your switching costs, after any cashback. If you expect to sell or refinance again before then, staying put may be cheaper.
Most refinances involve a discharge fee from your current lender, application, valuation or settlement fees from the new one, and state government fees to discharge the old mortgage and register the new one. Discharge fees are typically a few hundred dollars, and many lenders waive their own fees to win the loan. Exit fees on variable loans were banned for loans taken out from 1 July 2011, but breaking a fixed rate early can trigger a break cost, and borrowing more than 80% of the property value can mean paying lenders mortgage insurance again.
A cashback is a lump sum a lender pays into your account after settlement to win your loan. It comes with conditions such as a minimum loan size or a maximum loan-to-value ratio. A cashback can cover your switching costs outright, but a higher rate can cost more than the cashback over a few years, so compare both. Enter the cashback here and the calculator counts it against your switching costs.
Many lenders set a new loan to 30 years by default. A longer term lowers the monthly repayment, but you pay interest for longer, so the total interest can rise even at a lower rate. Keeping the new term equal to the years you have left is the fair comparison. Change the new loan term here and the calculator will warn you if the lower repayment comes at the cost of more interest overall.
Often, yes. Lenders tend to keep their sharpest rates for new customers, but many will reprice an existing loan when asked, particularly when you can show a competing offer. Repricing avoids switching costs and paperwork entirely. A broker can make that request with real offers in hand, and recommend switching only when your lender will not move.
Applying for a new loan places a credit enquiry on your file, and several applications in a short period can lower your score. Making repayments on time on the new loan helps rebuild it. Comparing options through one broker, rather than applying with several lenders yourself, keeps the number of enquiries down.
A calculator can show what a lower rate is worth. Getting it means knowing which lenders will take your loan, whether your current lender will reprice first, and which features you would give up. Here is how we handle a refinance.
Read about refinancingSend your details and we'll come back to you with what these numbers mean for your borrowing, usually within one business day.
Monthly saving
$222.03