Mortgage Switching Costs Calculator

Rates and Fees verified correct on March 1st, 2017

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 an answer to the following questions:

  • How much time off your loan term will your new loan shave off?
  • 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.

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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

Compare refinancing home loans

Rates last updated February 28th, 2017.

Newcastle Permanent Building Society Fixed Rate Home Loan - 2 Years Fixed (Owner Occupier)

Comparative rate increases by 0.04% | Interest rate increases by 0.25%

February 13th, 2017

HSBC Home Value Loan - Resident Owner Occupier only

Application fee waived for Resident Owner Occupier only.

February 15th, 2017

Bank Australia Basic Home Loan - Variable (Owner Occupier)

Interest rate increased by 0.08%

February 20th, 2017

View latest updates

Jodie Humphries Jodie
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Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
loans.com.au Essentials - Variable (Owner Occupier, P&I)
A low-interest rate loan suited for purchases and refinances with no application or ongoing fees.
3.59% 3.61% $0 $0 p.a. 80% Go to site More info
Newcastle Permanent Building Society Premium Plus Package Home Loan - New Customer Offer ($150,000+ Owner Occupier)
Apply for a new owner occupier loan or refinance from another lender and receive this discounted rate.
3.84% 4.22% $0 $395 p.a. 95% Go to site More info
HSBC Home Value Loan - Resident Owner Occupier only
Enjoy the low variable rate with $0 ongoing fee and borrow up to 90% LVR.
3.75% 3.77% $0 $0 p.a. 90% 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.
3.59% 4.42% $0 $375 p.a. 85% Go to site More info
State Custodians Standard Variable - LVR 80% (Owner Occupier)
Special Owner Occupier Rate. Free Offset Account.
3.69% 4.03% $0 $299 p.a. 80% Go to site More info
Beyond Bank Low Rate Special Home Loan
A special low variable rate for Owner Occupier with 100% offset account and no application or ongoing fees.
3.73% 3.73% $0 $0 p.a. 70% Go to site More info
Switzer Home Loan
No upfront or ongoing fees and a competitive variable rate for owner occupiers.
3.89% 3.89% $0 $0 p.a. 90% Go to site More info
loans.com.au Offset Variable - Up to 80% LVR (Owner Occupier P&I)
Take advantage a 100% offset account along with no annual or application fee.
3.67% 3.69% $0 $0 p.a. 80% Go to site More info
Auswide Bank Home Loan Plus with Freedom Package - Special Package Discount LVR <= 90% (Owner Occupier) P&I
A high maximum LVR home loan with redraw facility and additional payments.
3.79% 4.18% $0 $395 p.a. 90% Go to site More info
CUA Fresh Start Basic Variable Home Loan - Owner Occupier
A basic mortgage with flexible repayments options.
3.89% 3.94% $600 $0 p.a. 90% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 2 Year Fixed (Owner Occupier Special Rate)
A limited time 2 year fixed rate for owner occupiers. Conditions apply.
3.89% 4.79% $0 $0 p.a. 95% Go to site More info
State Custodians Breathe Easy - LVR 80% (Owner Occupier)
Special Owner Occupier Rate. Free Offset Account.
3.82% 3.85% $0 $0 p.a. 80% Go to site More info
Bank Australia Basic Home Loan - Variable (Owner Occupier)
A competitive variable that allows borrowers to borrow a minimum of $100,000 with a $0 ongoing fee.
3.79% 3.83% $595 $0 p.a. 80% Go to site More info
3.85% 4.26% $0 $395 p.a. 80% Go to site More info
IMB Budget Home Loan - LVR <=90% (Owner Occupier)
A competitive budget rate without any unwanted bells and whistles.
3.87% 3.92% $445 $0 p.a. 90% Go to site More info
CUA Fixed Rate Home Loan - 2 Year Fixed (Owner Occupier)
A fixed home loan with no ongoing fees and flexible repayments options.
3.84% 4.59% $600 $0 p.a. 95% Go to site More info
Australian Unity Kick Starter Home Loan
$0 ongoing service fees, maximum 80% LVR and a linked transaction account.
3.79% 3.82% $600 $0 p.a. 80% Go to site More info
3.94% 4.33% $0 $395 p.a. 90% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 3 Year Fixed (Owner Occupier Special Rate)
A limited time fixed rate home loan with extra repayment abilities. Conditions apply.
3.99% 4.73% $0 $0 p.a. 95% Go to site More info
Bank Australia Premium Home Loan Package - 2 Year Fixed (Owner Occupier) LVR < 80%
A discounted 2 year fixed rate loan with high maximum LVR and no application fee.
3.69% 4.31% $595 $350 p.a. 95% Go to site More info
ME Flexible Home Loan Fixed - 3 Year Fixed Rate (Owner Occupier)
A competitive 3 year fixed rate with a redraw facility and split loan options, plus no application fee.
4.09% 4.80% $0 $0 p.a. 95% Go to site More info
State Custodians Standard Variable - LVR 90% (Owner Occupier)
A special rate for owner occupiers with free 100% offset account and no application fee.
3.79% 4.12% $0 $299 p.a. 90% Go to site More info
Bank Australia Premium Home Loan Package - LVR<=80% $700k + (Owner Occupier)
Enjoy the discounted interest rate with redraw facility and no ongoing fees.
3.82% 4.17% $595 $350 p.a. 95% Go to site More info
Greater Bank Great Rate Home Loan - Discounted Variable ($150K+ Owner Occupier)
A competitive rate with redraw facility. NSW, QLD and ACT residents only.
3.89% 3.89% $0 $0 p.a. 85% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 2 Years Fixed (Owner Occupier)
Enjoy a low interest rate and borrow up to 95% (with LMI) of your home value.
4.49% 4.90% $0 $0 p.a. 95% Go to site More info
loans.com.au Essentials - Smart Loan Package P&I
This competitive rate is only available if you package your investment loan with your owner occupier loan.
3.59% 3.61% $0 $0 p.a. 80% Go to site More info
Australian Unity Health, Wealth and Happiness Package - (Owner Occupier)
Get a 0.60% discount on your rate, a 100% offset account and no ongoing fees.
4.05% 4.08% $600 $0 p.a. 90% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 1 Year Fixed (Owner Occupier)
Get a short term fixed rate for that investment property with no application or ongoing fees.
4.49% 4.95% $0 $0 p.a. 95% Go to site More info
ME Flexible Home Loan Fixed - 2 Year Fixed Rate (Owner Occupier)
No application or ongoing fees and a competitive 2 year fixed rate.
3.94% 4.85% $0 $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
4.09% 4.09% $0 $0 p.a. 90% Go to site More info
ANZ Simplicity PLUS Home Loan - Special Offer (Owner Occupier)
Enjoy a home loan with no aplication fee or ongoing fee.
4.03% 4.07% $0 $0 p.a. 95% Enquire now
3.88% 3.89% $600 $0 p.a. 90% Enquire now
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
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 cash back available for refinancers, conditions apply.
3.99% 5.04% $0 $395 p.a. 95% Enquire now
Westpac Fixed Options Home Loan Premier Advantage Package - 2 Years
A low interest rate home loan and competitive two year fixed rate.
4.19% 5.32% $0 $395 p.a. 95% Enquire now
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%.
4.08% 4.09% $0 $0 p.a. 95% Enquire now
Westpac Flexi First Option Home Loan - 3 Years Introductory Special Offer (New Owner Occupier, P&I)
A limited time deal for new owner occupiers. Advertised rate includes 1.03%p.a. discount for the first two years.
3.99% 4.37% $0 $0 p.a. 95% Enquire now

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 Lender’s 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.

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Related Posts

HSBC Home Value Loan - Resident Owner Occupier only

Enjoy the low variable rate with $0 ongoing fee and borrow up to 90% LVR.

loans.com.au Essentials - Variable (Owner Occupier, P&I)

A competitive interest rate home loan with interest only options. Interest rate 3.59%p.a.
comp rate of 3.61%p.a.

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.

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

Apply for a new owner occupier loan or refinance from another lender and receive this discounted rate.

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4 Responses to Mortgage Switching Costs Calculator

  1. Default Gravatar
    home | April 3, 2016

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

    • Staff
      Belinda | April 4, 2016

      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
    eric | September 12, 2015

    How can I quickly compare entry and exit fees on homeland

    • Staff
      Belinda | September 14, 2015

      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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