Calculator

Mortgage Switching Calculator

Thinking of refinancing? Enter your current loan, the new rate and the costs of switching to see an estimated saving and how long it takes to cover the switching costs.

What the saving depends on

The saving shown assumes both rates stay the same for the period you choose, your loan balance and term don't change and all switching costs are entered. If the new loan's revert rate is higher, or you extend your loan term, the saving may be smaller or disappear.

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Use the mortgage switching calculator

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How to use the mortgage switching calculator

Enter your current balance, rate and remaining term.
Enter the new rate and all switching costs (discharge, government and new loan fees).
Read the monthly saving and the break even point in months.

Things to know

Switching costs can include discharge fees, application and valuation fees, government registration fees and break costs if you're on a fixed rate. If you've had your loan for under two years, check whether the lender charges anything to leave early. It's also worth asking your current lender for a better rate first. Sometimes one phone call does the job.

Hot Tip: Refinancing to a lower rate but resetting the term to 30 years can mean paying more interest overall. Keep your repayments at the old level if you can.

Worked example (illustrative)

A $500,000 loan moves to a rate 0.40 percentage points lower with $1,200 in switching costs. The calculator shows the monthly saving and how many months it takes to recover the $1,200.

What this calculator assumes

Both rates stay the same.
The loan term doesn't change when you switch.
Break costs on fixed loans must be added manually.

Related guides

Frequently asked questions

What costs are involved in switching home loans?

Common costs include a discharge fee from your current lender, government fees to discharge and register the mortgage, application or valuation fees from the new lender and break costs if you're on a fixed rate.

Should I ask my current lender for a better rate first?

Yes. Many lenders will reprice an existing loan if asked, which saves the cost and paperwork of switching. We can do this for you as part of a loan review. It's quick and often successful.

What about cashback offers?

A cashback can cover switching costs, but compare the rate over the years you'll keep the loan. A higher rate can cost more than the cashback is worth. Cashback is usually paid after settlement and may have conditions, such as a minimum loan size or keeping the loan open for a set time.

Got a number? Let's see what it means for you

A calculator can tell you what the maths says. It can't tell you which lenders would accept your application, how they treat your income or whether a different structure would suit you better. Book a complimentary loan strategy session. We're based in Brisbane and help clients right across Australia, and in most cases you won't pay us a broker fee because we're paid by the lender you choose.

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Prefer to talk? Call (07) 3194 0888.