Mortgage Switching Costs Calculator

Rates and fees last updated on

How much will switching to a new lender cost you?

Refinancing can be expensive, so if you’re thinking of switching your home loan over to one with a different lender, you want to be sure that you’re going to get better value, in addition to better features and/or lower fees.

To help with this, the mortgage switching costs calculator gives you a rough answer to the following questions:

  • How much will your new loan shave off your loan term?
  • How long will it take to recover refinancing fees with your new loan?
  • How much will you save over the course of your loan by switching?

Using this information, you can decide whether or not refinancing will be worth it for you. Simply get the information required from your current loan and enter in the relevant information required about the loan you’re thinking of refinancing to.

Embed this calculator on your website

If you embed this graph on your website it will be automatically updated every month.

Rates last updated August 20th, 2017
$
Loan purpose
Offset account
Loan type
Your filter criteria do not match any product
Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
Newcastle Permanent Building Society Fixed Rate Home Loan - 2 Year Fixed (Owner Occupier Special Rate, P&I)
Owner-occupiers can lock in a competitive rate with no ongoing fees. Conditions apply.
3.74% 4.85% $0 $0 p.a. 95% Go to site More info
loans.com.au Essentials - Variable (Owner Occupier, P&I)
A basic home loan with a competitive rate and low fees.
3.64% 3.66% $0 $0 p.a. 80% Go to site More info
Greater Bank Ultimate Home Loan - Discounted 1 Year Fixed LVR ≤85% ($150K+ Owner Occupier)
Discount off an already competitive interest rate for loans over $150k. NSW, QLD and ACT residents only.
3.49% 4.47% $0 $375 p.a. 85% Go to site More info
UBank UHomeLoan Variable Rate - Standard Variable Rate Value Offer (Owner Occupier P&I)
Combine a low variable interest rate and free redraw with no application or ongoing fees.
3.74% 3.74% $0 $0 p.a. 80% Go to site More info
Reduce Home Loans Rate Buster 100% Offset Variable Home Loan - Up to $750k (LVR <=80%)
Borrow up to 80% LVR with no ongoing fees and a 100% offset account.
3.54% 3.54% $440 $0 p.a. 80% Enquire now More info
loans.com.au Offset Variable - Up to 80% LVR (Owner Occupier P&I)
Take advantage of a 100% offset account along with no annual or application fees.
3.72% 3.74% $0 $0 p.a. 80% Go to site More info
IMB Budget Home Loan - Special LVR <=80% (Owner Occupier and Principal & Interest only)
A special limited time offer for owner occupiers. An IMB Transaction Account must be opened with this loan.
3.79% 3.84% $445 $0 p.a. 80% Go to site More info
Bank Australia Basic Home Loan - Variable (Owner Occupier)
A competitive variable rate that allows borrowers to borrow a minimum of $100,000 with a $0 ongoing fee.
3.86% 3.87% $0 $0 p.a. 80% Go to site More info
HSBC Home Value Loan - Resident Owner Occupier only
Enjoy a low variable rate with no ongoing fees and borrow up to 90% of the value of the property.
3.85% 3.86% $0 $0 p.a. 90% Go to site More info
NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier P&I) First Home Buyer Special
A special rate for first home buyers buying residential property and borrowing over $150K. 350K NAB Rewards Points offer available. Terms and conditions apply.
3.69% 4.86% $0 $395 p.a. 90% Go to site More info
Tic:Toc Live in Loan Variable Rate
A competitive variable rate product with low fees offered by a 100% online lender.
3.68% 3.69% $0 $0 p.a. 80% Go to site More info
St.George Basic Home Loan - Promotional Rate (Owner Occupier, P&I)
A no frills loan with a competitive rate and a maximum LVR of 95%.
3.80% 3.81% $0 $0 p.a. 95% Enquire now More info
IMB Budget Home Loan - LVR <=90% (Owner Occupier)
Get a competitive rate without features you may not use.
3.97% 4.02% $445 $0 p.a. 90% Go to site More info
ING Orange Advantage Loan - $500,000+ (LVR <=80% Owner Occupier, P&I)
A loan with no application fee and borrow up to 95% LVR.
3.74% 4.06% $0 $299 p.a. 95% Go to site More info
ING Orange Advantage Loan - $150,000 to $500,000 (LVR <=80% Owner Occupier, P&I)
A fully featured home loan with an offset account and discounts available. $1000 cashback offer available for loans over $300k. Terms and conditions apply.
3.79% 4.11% $0 $299 p.a. 80% Go to site More info
Greater Bank Great Rate Discount Variable with Family Pledge Home Loan - Up to 110% LVR
Discounted rate available with family pledge loans. Family pledge loans require no LMI and no deposit. NSW, Qld and ACT only.
3.99% 3.99% $0 $0 p.a. 110% Go to site More info
Bank Australia Basic Home Loan - Special LVR <70% (Owner Occupier)
A special variable rate home loan with no application or ongoing fees.
3.74% 3.75% $0 $0 p.a. 70% Go to site More info
3.79% 4.07% $500 $0 p.a. 95% Go to site More info
Heritage Bank Discount Variable Home Loan - Special Rate Offer (Owner Occupier) New Customers Only
A great interest rate home loan offer with unlimited redraw and unlimited extra payments.
3.99% 4.04% $600 $0 p.a. 90% Go to site More info
3.78% 3.79% $600 $0 p.a. 90% Enquire now More info
Macquarie Bank Basic Home Loan - LVR ≤ 80% ($750,000+ Owner Occupier, P&I)
Minimum loan amount for this basic home loan is $750001.
3.84% 3.84% $0 $0 p.a. 80% Enquire now More info
3.91% 4.42% $0 $0 p.a. 95% Enquire now More info
ME Flexible Home Loan Fixed - 2 Year Fixed Rate (Owner Occupier, P&I)
No application or ongoing fees and a competitive 2 year fixed rate.
3.74% 4.81% $0 $0 p.a. 95% Go to site More info
NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier P&I)
A fixed rate package with flexible repayment options. 350K NAB Rewards Points offer available. Terms and conditions apply.
3.88% 4.89% $0 $395 p.a. 95% Go to site More info
AMP Essential Home Loan  -  $100,000 and above (Owner Occupier)
Take advantage of a redraw facility, competitive variable rate and no application or settlement fees for a limited time.
3.96% 3.98% $0 $0 p.a. 90% Go to site More info
Community First Fixed Home Loan - 3 Years Fixed Owner Occupier special offer (New Loans only)
A limited time fixed rate special with no monthly or annual fees plus a 100% offset account.
3.89% 4.97% $600 $0 p.a. 95% Go to site More info
Bankwest Equaliser Home Loan - LVR ≤80% (Owner Occupier, P&I & $200k+) new customers only
Enjoy a variable 3 year introductory rate with the Bankwest Equaliser Home Loan.
3.72% 4.19% $0 $0 p.a. 80% Go to site More info
Finsure Home Loan Deal
Enjoy a low variable rate with no application fee.
3.69% 4.03% $0 $299 p.a. 80% Enquire now More info
Newcastle Permanent Building Society Premium Plus Package Home Loan - New Customer Offer ($150,000+ Owner Occupier, P&I)
Apply for a new owner occupier loan or refinance from another lender and receive this discounted rate.
3.74% 4.12% $0 $395 p.a. 80% Go to site More info
P&N Bank & Home Loan & Bag
A flexible low-rate variable home loan that lets you combine your loan with other financial products.
3.99% 4.02% $395 $0 p.a. 80% Go to site More info
Select Encompass Credit Union Special Offer 2 Year Fixed Rate Home Loan
A fixed rate loan with limited fees and a competitive interest rate.
3.74% 4.15% $0 $0 p.a. 95% Go to site More info
Greater Bank Ultimate Home Loan - Discounted 2 Year Fixed LVR ≤85% ($150K+ Owner Occupier)
Discount off an already competitive 2 year fixed rate for loans over $150k. NSW,QLD and ACT residents only.
3.69% 4.45% $0 $375 p.a. 85% Go to site More info
Connective Smart Options Basic Home Loan - LVR ≤ 70% (Owner Occupier, P&I)
A variable home loan with $0 annual or monthly fees.
3.74% 3.74% $363 $0 p.a. 70% Enquire now More info
Beyond Bank Low Rate Special Home Loan - LVR <70%
A special low variable rate for owner occupiers with 100% offset account and no application or ongoing fees.
3.83% 3.83% $0 $0 p.a. 70% Go to site More info
QT Mutual Bank Mortgage Saver Home Loan
A low rate home loan with no application or ongoing fees. Note that to be eligible for this loan you must be QLD resident.
3.95% 3.95% $0 $0 p.a. 95% Go to site More info
loans.com.au Essentials - Smart Loan Package P&I
Package your owner-occupied loan with your investment loan and enjoy low rates for both.
3.89% 3.91% $0 $0 p.a. 80% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 3 Year Fixed (Owner Occupier Special Rate, P&I)
A limited time fixed rate home loan with extra repayment abilities. Conditions apply.
3.79% 4.75% $0 $0 p.a. 95% Go to site More info
Greater Bank Great Rate Home Loan - Discounted Variable ($150K+ Owner Occupier)
A competitive variable rate with a redraw facility. NSW, QLD and ACT residents only.
3.99% 3.99% $0 $0 p.a. 85% Go to site More info
ME Basic Home Loan - LVR <=80% (Owner Occupier, P&I)
A low variable rate loan with no application or ongoing fees.
4.09% 4.11% $0 $0 p.a. 80% Go to site More info
NAB Base Variable Rate Home Loan - Owner Occupier (P&I)
A competitive no frills home loan. 350K NAB Rewards Points offer available. Terms and conditions apply.
4.17% 4.21% $600 $0 p.a. 95% Go to site More info
IMB Essential Home Loan - LVR <=90% (Owner Occupier)
100% offset account, unrestricted additional repayments and no monthly account keeping fees
4.19% 4.19% $0 $0 p.a. 90% Go to site More info
ME Flexible Home Loan Fixed - 3 Year Fixed Rate (Owner Occupier, P&I)
A competitive 3 year fixed rate with a redraw facility and split loan options, plus no application fee.
3.99% 4.77% $0 $0 p.a. 95% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 2 Years Fixed (Standard Rate, P&I)
Enjoy a low interest rate and borrow up to 95% (with LMI) of your property's value.
3.94% 4.88% $0 $0 p.a. 95% Go to site More info
ANZ Simplicity PLUS Home Loan - Special Offer (Owner Occupier, P&I)
Enjoy a basic home loan with a high LVR and no application or ongoing fees.
4.03% 4.07% $0 $0 p.a. 95% Enquire now More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 1 Year Fixed (Standard Rate, P&I)
Investors can take advantage of a short term fixed rate with no application or ongoing fees.
3.94% 4.98% $0 $0 p.a. 95% Go to site More info
Bank of Queensland Fixed Rate Home Loan - 3 Year Fixed Rate (Owner Occupier, P&I)
Lock in a fixed interest rate term for repayment certainty.
4.39% 5.42% $300 $10 monthly ($120 p.a.) 95% Enquire now More info
Commonwealth Bank Wealth Package Fixed Home Loan - 2 Year Fixed (Owner Occupier) P&I
A package home loan with fee free extra repayments available during the fixed term.
3.99% 4.99% $0 $395 p.a. 95% Enquire now More info
St.George Fixed Rate Advantage Package -  2 Year Fixed Rate (Owner Occupier, P&I)
A discounted package rate for owner occupiers with the ability to package a Qantas rewards earning Amplify credit card. $1,500 cashback available for refinancers. Conditions apply.
3.99% 4.98% $0 $395 p.a. 95% Enquire now More info
Westpac Fixed Options Home Loan Premier Advantage Package - 2 Years, P&I
Lock in a discounted fixed rate with a low service fee.
3.99% 4.90% $0 $395 p.a. 95% Enquire now More info
Virgin Reward Me Variable Home Loan - LVR <= 80% ($750k+ Owner Occupier, P&I)
Earn Velocity points on a competitive variable rate home loan with flexible features.
3.79% 3.92% $0 $10 monthly ($120 p.a.) 80% Enquire now More info

How to use the mortgage switching costs calculator

To use the switching costs calculator you’ll need some information about your current loan and also the loan you’re thinking of refinancing to.

You’ll need to enter in your:

  • Loan amount - This is the current loan balance you’re thinking of moving over to a new lender
  • Repayment frequency - This is how often you make your repayments, and is used to give you a relevant repayment figure
  • Loan term - This is how long your loan term will be when refinancing

For your current loan the information you’ll need to enter in includes your ongoing fees such as monthly and annual fees and the exit fee you’ll have to pay. If your loan still has an introductory interest rate enter in how long it still has and the introductory rate. Finally you’ll need to enter in the interest rate you’re currently paying.

Next, enter in the details of the loan you’re interested in refinancing to. If you haven’t found one yet start a comparison and find a loan which suits your needs. You can also look below for some loans to compare.

Once this information is entered in scroll down to the last section of the calculator. Here you’ll be able to see the long-term savings you’ll make over the course of your loan by refinancing to your chosen loan.

There’s a graph which will show you the amount you’ll save, and a table which displays the minimum repayments needed to pay this loan off in the time period you’ve set.

If you scroll down further you’ll see three summary boxes showing you:

  • How much earlier you’ll pay your new loan off
  • How long it will take you to recover the refinancing fees after your move to your new loan
  • How much you’ll save with your new loan

Frequently asked questions about refinancing

Do I need to pay LMI twice?

Yes, unfortunately if your Loan to Value Ratio (LVR) is still over 80% when you refinance you’ll have to pay lenders mortgage insurance (LMI) again. In some cases, if you’ve only had your loan for a a couple of years of less your LMI provider might refund you part of the fee you paid. In any case you should ask.

This is overwhelming, who can help me decide if it’s worth refinancing?

A mortgage broker can be useful in this situation. They will help you compare home loans and work out how much you might be able to save by switching home loans. Because they receive a commission from your lender, they usually won’t charge you.

Why should I refinance?

It’s useful to refinance for a number of reasons. You might want to get a better rate on your home loan, get a home loan with lower fees, or get access to features such as offset accounts and redraw facilities which you didn’t have access to previously.

Was this content helpful to you? No  Yes

Related Posts

Bank Australia Basic Home Loan - Variable (Owner Occupier)

A competitive variable rate that allows borrowers to borrow a minimum of $100,000 with a $0 ongoing fee.

NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier P&I)

A fixed rate package with flexible repayment options. 350K NAB Rewards Points offer available. Terms and conditions apply.

Greater Bank Ultimate Home Loan - Discounted 1 Year Fixed LVR ≤85% ($150K+ Owner Occupier)

Discount off an already competitive interest rate for loans over $150k. NSW, QLD and ACT residents only.

IMB Budget Home Loan - LVR <=90% (Owner Occupier)

Get a competitive rate without features you may not use.

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, read the PDS or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.

4 Responses

  1. Default Gravatar
    homeApril 3, 2016

    Im currently with ANZbank and would like to switch lenders to receive a better rate

    • Staff
      BelindaApril 4, 2016Staff

      Hi there,

      Thanks for reaching out.

      Our home loan refinancing page explores the refinancing process, as well as the costs and benefits involved. If you enter your current loan details into the table provided and then hit ‘calculate’, you’ll be able to see how much you could save by switching to each of the products listed in the table.

      If you need personal advice about your refinancing options, please speak to a licensed mortgage broker.

      All the best,
      Belinda

  2. Default Gravatar
    ericSeptember 12, 2015

    How can I quickly compare entry and exit fees on homeland

    • Staff
      BelindaSeptember 14, 2015Staff

      Hi Eric,

      Thanks for your enquiry.

      Above on this page, you can use our mortgage switching costs calculator to estimate the exit fees of an existing home loan and the entry fees of a new home loan.

      You can find this information by contacting both your existing and new lender by requesting all the fee details of their loans, or you may find it useful to review the terms and conditions of these home loan products.

      Thanks,
      Belinda

Ask a question
feedback