Mortgage switching costs calculator

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.

Refinancing home loan deals

Rates last updated May 22nd, 2018
$
Loan purpose
Offset account
Loan type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
3.69%
3.69%
$0
$0 p.a.
80%
Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.
3.64%
3.67%
$0
$0 p.a.
80%
A mortgage with a competitive variable rate, limited fees and plenty of flexibility.
3.69%
3.69%
$0
$0 p.a.
70%
Pay no application or ongoing fees and get a flexible loan with the ability to split up to 6 times.
3.64%
4.03%
$0
$395 p.a.
80%
New borrowers or refinancers from another lender get a discounted rate with this package loan.
3.62%
3.62%
$0
$0 p.a.
80%
Pay no application or ongoing fees and get access to a redraw facility and flexible repayment schedule. Refinance to a UBank loan and you could get $1,000 in your USaver account (offer conditions apply).
3.64%
3.64%
$0
$0 p.a.
70%
Get a discount for keeping your LVR at 70% or below with this innovative online lender.
3.68%
3.83%
$0
$10 monthly ($120 p.a.)
80%
Get a 100% offset account to save on interest charges, and pay no application fee.
3.69%
3.71%
$0
$0 p.a.
80%
A great interest rate home loan offer with unlimited redraw and unlimited extra payments.
3.69%
4.06%
$0
$349 p.a.
90%
Package your loan with other AMP products and save on rates and fees.
3.70%
4.13%
$0
$395 p.a.
90%
Package your loan with an eligible credit card for discounts on rates and fees, and get a 100% offset account.
3.88%
4.89%
$0
$395 p.a.
95%
Low deposit home loan. Enjoy flexible repayment options while paying limited fees.
3.77%
3.81%
$200
$0 p.a.
95%
A simplified mortgage with a low interest rate and a redraw facility.
3.58%
3.58%
$0
$0 p.a.
70%
A low interest rate home loan with no application or ongoing fees.
3.69%
3.94%
$0
$248 p.a.
70%
Get a sharp rate and a 100% offset account. Borrowers must have a 30% deposit.
3.68%
3.69%
$0
$0 p.a.
95%
This variable rate loan offers flexible repayments and a redraw facility. Available with a 5% deposit.
3.79%
3.79%
$0
$0 p.a.
80%
Pay no application and ongoing fees with Macquarie Bank Basic Home Loan.
3.49%
4.49%
$0
$395 p.a.
90%
Loans over $150k get a discount off an already low fixed rate. Available for NSW, Qld and ACT residents only.
3.54%
3.58%
$0
$0 p.a.
80%
Eligible borrowers can get $900 cashback on this loan with a 100% offset account and a redraw facility.
3.69%
3.73%
$600
$0 p.a.
95%
Variable rate home loan from one of the big 4 banks. Available with just a 5% deposit.
3.74%
3.74%
$0
$0 p.a.
110%
Pay no deposit or LMI and get a discounted rate with this family pledge loan. Requires a family member to act as guarantor. NSW, Qld and ACT only.
3.79%
3.81%
$0
$0 p.a.
90%
Buy your home with just a 10% deposit, few fees and a reasonable interest rate.
3.69%
4.47%
$0
$395 p.a.
90%
A fixed rate loan with a 100% offset account and the option to make additional repayments. Loans over $150k receive a discounted rate. NSW, QLD and ACT residents only.
3.74%
3.74%
$0
$0 p.a.
80%
Pay no application or ongoing fees and get access to a redraw facility and flexible repayment schedule.
3.65%
3.66%
$0
$0 p.a.
80%
This special rate loan comes with no application or ongoing fees, and offers a flexible repayment schedule.
3.78%
3.78%
$0
$0 p.a.
80%
Pay no application or ongoing fees and get access to a free redraw facility with this innovative online lender.
3.69%
4.11%
$0
$395 p.a.
80%
Save on interest with a 100% offset account and save on other ME products with this package loan.
3.89%
4.87%
$0
$0 p.a.
90%
Borrow up to 90% of the value of the property you're buying and pay no application or ongoing fees.
4.14%
4.81%
$0
$0 p.a.
80%
Pay no application fees and access a fee-free redraw facility with this fixed rate loan.
3.62%
3.62%
$0
$0 p.a.
95%
Free home and contents insurance for 1 year. Terms and conditions apply. QLD residents only.
3.99%
4.86%
$0
$0 p.a.
80%
Access a fee-free 100% offset account and pay no application or ongoing fees.
3.85%
4.05%
$0
$350 p.a.
95%
This high LVR fixed rate loan allows you to borrow up to 95% of the value of the property you're buying.
4.09%
4.11%
$0
$0 p.a.
80%
This variable rate loan keeps the features simple and fees low. This loan is offered by a 100% online lender.
3.64%
3.78%
$0
$10 monthly ($120 p.a.)
80%
Earn Velocity Points on your mortgage (for a limited time, subject to eligibility requirements). Plus, access a 100% offset account to save on interest.
4.09%
4.12%
$0
$0 p.a.
95%
Buy a home with just a 5% deposit and get flexible repayment options and a redraw facility.
3.99%
4.03%
$0
$0 p.a.
95%
Buy a home with just a 5% deposit and pay no application or ongoing fees.
3.59%
4.42%
$600
$0 p.a.
95%
Get a 1% discount for the first two years of your loan and pay no application or ongoing fees.
3.68%
3.69%
$0
$0 p.a.
90%
Get one free online redraw per month and pay no ongoing fees. Application fees are waived for loans above $150,000.
4.39%
5.42%
$300
$10 monthly ($120 p.a.)
95%
Lock in a fixed interest rate term for repayment certainty.
3.89%
4.97%
$0
$395 p.a.
95%
Get discounts on a range of Commonwealth Bank products and enjoy the option of fee-free extra repayments during the fixed term.
3.89%
4.96%
$0
$395 p.a.
95%
Refinancers can get $1,500 cashback. Conditions apply. Package your home loan with a Qantas rewards earning Amplify credit card.
3.89%
4.88%
$0
$395 p.a.
95%
Refinance from your existing loan and get a $1,250 rebate. Terms and conditions apply. Plus get discounts on a range of Westpac products.

Compare up to 4 providers


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 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.

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Related Posts

Home Loan Offers

Important Information*
NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier P&I) First Home Buyer Special

Start your home buying journey with 2 years of fixed repayments and a reasonable rate from a big 4 bank. Available with a 10% deposit.

UBank UHomeLoan Variable Rate - Discount Offer for Owner Occupied Variable P&I Rate — borrowing $700,000 or more

Pay no application or ongoing fees and get access to a redraw facility and flexible repayment schedule. Refinance to a UBank loan and you could get $1,000 in your USaver account (offer conditions apply).

Greater Bank Ultimate Home Loan - Discounted 1 Year Fixed LVR ≤90% ($150K+ Owner Occupier)

Loans over $150k get a discount off an already low fixed rate. Available for NSW, Qld and ACT residents only.

Newcastle Permanent Building Society Premium Plus Package Home Loan - New Customer Offer ($150,000+ Owner Occupier, P&I)

New borrowers or refinancers from another lender get a discounted rate with this package loan.

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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

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