Mortgage Switching Calculator​

Find out how much you could save by refinancing to a home loan with a lower interest rate.

Before taking out a new loan, it is always smart to work out whether switching your current loan to a new lender would be beneficial for you by considering all the potential costs that you could incur by switching. This calculator could show you savings difference between your existing home loan and your potential new loan.

    How to use this calculator

    1. Find out how from your most recent mortgage statement much you are still owing on your current loan, this would be the "Loan Amount".
    2. Input the interest rate of your current loan and how long you still need to pay off the mortgage. It is always better you round down to the nearest year as this will save you on the interest you will have to pay.
    3. Assuming you will be making the same frequency on in your repayments with your current loan, this would be the "Repayment Frequency".
    4. If your current loan charges you a fee for keeping the loan, make sure you include this in the "Regular Fee" box.
    5. The "End Fee" should include the sum of all fees required to be paid to the existing lender, such as discharge fees, break fees (typically charged for breaking a fixed rate home loan during the fixed term).

      Next, to compare the new loan you will be switching to, start with
    6. Any introductory rate component of the new loan. If there is an introductory period associated with your new home loan, enter how many years this would be available. If there isn't any, simply enter "0". For fixed-rate home loans, this would be the fixed-period component of the loan.
    7. This may be a discount to the standard variable rate the lender would normally charge their customers. But by switching to them as a new customer, they may give you a reduction on the standard rate. If an introductory rate doesn't exist, simply enter "0". For fixed-rate loans, this would be the locked-in rate during the fixed term period of the loan.
    8. The "Standard or Revert Rate" is the on-going interest rate you will be switching to, after the introductory period or the fixed-rate period has ended. This would usually be the standard variable rate the lender will be quoting.
    9. Sum up all the fees required to obtain the new loan, this may include Lenders' Mortgage Insurance (LMI), conveyancing / legal fee as well as establishment fee.
    10. If your new loan is part of a home loan package, or is offering you additional features such as ability to make additional repayments, redraw or offset account, an annual fees may exist. Add all these together for the year and divide them by 12 to indicate a monthly "regular fee".

    What does the results tell me?