Calculator
Is switching actually worth it?
Compare your current loan against a rate you've been quoted. Every switching cost is netted out, and an unfavourable result is shown as plainly as a favourable one.
Your current loan
Use your latest statement for the most accurate comparison.
New loan you're considering
Enter the rate and term you've been quoted, not an advertised headline rate.
New estimated monthly repayment
$3,218.45
Currently $3,376.04 per month.
Monthly saving
$157.59
$1,891.08 per year
Break-even period
6 months
Time to recover $800.00 in switching costs.
Total interest saved over the loan term
$46,477.00
Includes refinance costs. A longer new term can lower your monthly repayment while increasing what you pay overall.
How this was calculated
- Current repaymentAmortised over 300 months at 6.5% p.a.
- $3,376.04
- New repaymentAmortised over 300 months at 5.99% p.a.
- $3,218.45
- Monthly difference
- $157.59
- Refinance costs
- $800.00
- Interest remaining on current loan
- $512,812.00
- Interest on new loan
- $465,535.00
- Net lifetime saving
- $46,477.00
This calculator provides a general estimate only and does not constitute financial advice or a loan quote. Actual savings depend on lender assessment, your individual circumstances, and current rates. Speak to a broker for a tailored comparison.
Get a personalised comparisonImportant
These results are estimates for general informational purposes only. They are not a loan approval, a formal quote, or an offer of credit, and they are subject to individual lender assessment, verification of your income, expenses and credit history, and current lender policy. This is not personal financial or credit advice and does not take your objectives or circumstances into account.
Interest rates and comparison rates vary by lender, loan purpose, LVR and your individual circumstances, and can change at any time. Any rate used here is the figure you entered, not a rate offer.
Break-even and interest comparisons assume both rates stay fixed for the full term and exclude offset benefits, ongoing account fees, LMI and any cashback. Actual outcomes depend on lender assessment and the rate you are ultimately offered.
Want this comparison checked properly?
A free, no-obligation 30-minute call is usually enough to know exactly where you stand and what to do next.