RateMovesShould I switch home loans?
Enter what you owe and your rate now. See the saving after fees, how fast switching costs pay back, and the cheapest lenders for your loan.
Enter your loan balance, property value and current rate.
Savings compare principal-and-interest (or interest-only) repayments at your rate with each published rate over the years left on your loan, less the new loan’s ongoing fees. They exclude lenders mortgage insurance and fixed-rate break costs. Comparison rates: Comparison rates are calculated on a secured loan of $150,000 over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Want the whole list? Compare every home loan rate.
Questions
Is it worth refinancing my home loan?
Usually, when the saving in repayments pays back the switching costs within a year or two. Enter your balance and rate: the table shows the monthly saving after the new loan’s fees, how many months it takes to cover switching costs, and the net saving over five years.
What does it cost to switch home loans?
Typically a discharge fee from your current lender (often $150–$400), government mortgage registration and discharge fees (about $100–$250 each, depending on the state) and any settlement fees, plus the new lender’s upfront fees, which we add automatically. If you’re on a fixed rate, break costs can be much larger: ask your lender first.
Should I ask my bank for a better rate first?
Yes. Many lenders will reduce your rate if you show them a cheaper published offer, and staying costs nothing. Use the cheapest result here as your evidence.
What if I owe more than 80% of the property value?
Switching may mean paying lenders mortgage insurance again, which can wipe out the saving. The calculator only shows rates offered at your LVR, but it can’t include insurance costs.
Rates are checked every few hours from each lender’s published Consumer Data Right product data; last checked 2 Nov, 12:05 am AEDT. This is general information, not credit or financial advice, and doesn’t consider your circumstances. Confirm rates, fees and eligibility with the lender before you apply. We don’t take payment from lenders, and the order of results never depends on who pays. How this works.