Mortgage Switching Calculator
Refinancing only makes sense if the savings outweigh the switching costs. This calculator compares your current loan against a new one and shows how long it takes to break even.
Use the mortgage switching calculator
Calculator results are estimates only and do not take every fee and charge into account. Interest rates and costs change over time, which affects the true cost of a loan. Results should not be relied on when making a decision about a loan. Please discuss your individual circumstances with us before acting.
What the mortgage switching calculator tells you
What it shows
Repayment difference, total interest saved, switching costs and the break even point in months.
What you need
Current balance, rate and remaining term, plus the new rate and the switching costs.
What to do next
We can check what your current lender will offer to keep you before you switch.
Three things worth testing
- Ask your existing lender for a retention rate first. It costs nothing.
- Avoid extending back to thirty years, which can wipe out the saving.
- Fixed rate loans may carry break costs that change the maths.
Frequently asked questions
How much of a rate difference makes refinancing worthwhile?
Will refinancing hurt my credit file?
Turn the numbers into an approval
A calculator gives you an estimate. A broker gives you a lender, a rate and an approval. Talk to Ezy Loans Australia about what these numbers mean for your situation.
About the author
Amrinder Singh is the founder of Ezy Loans Australia and an Australian Credit Representative (number 505232) of Mortgage Australia Group Pty Ltd, Australian Credit Licence 377294. He works with first home buyers, investors and self employed borrowers across Australia, arranging home loans, refinancing, construction finance and asset finance through a broad panel of lenders.
Calculator results are estimates only and do not take every fee and charge into account. Interest rates and costs change over time, which affects the true cost of a loan. Results should not be relied on when making a decision about a loan. Please discuss your individual circumstances with us before acting. Calculators are provided under licence from the Finance Brokers Association of Australia. This page is general information only and does not take your objectives, financial situation or needs into account.
Ezy Loans Australia is a Perth-based mortgage and finance brokerage helping first home buyers, investors and refinancers across Australia secure the right loan with confidence.
Contact Info:
- 905 Hay St, Perth WA 6000
- amrinder@ezyloansaustralia.com.au
- 0432 066 362