Is your bank charging you a loyalty tax?
Banks reserve their sharpest rates for new customers, and quietly let existing ones drift. Put your current rate against a better one, count the switching costs honestly, and see exactly when the move starts paying for itself.
Not sure what you could get? That's rather my department.
Discharge fee, mortgage registration, maybe an application or valuation fee. $600–$1,000 is typical.
Package loans often charge ~$395/year. Enter the difference if your current loan has one too.
Repayments, side by side
When switching starts paying for itself
Your running position after all switching costs. Red is the hole the fees dig; green is you climbing out of it and pulling ahead.
Assumptions behind this calculator
- Both loans are compared over the same remaining term with monthly principal & interest repayments — an apples-to-apples comparison.
- Rates stay constant, and the repayment saving isn't reinvested or paid into the new loan (doing so would save you even more — see the extra repayments calculator).
- Watch for: fixed-rate break costs on your current loan, lenders mortgage insurance if your equity is under 20%, and cashbacks that paper over an uncompetitive rate.
A calculator gives you a number. I give you a plan.
These tools use one set of assumptions. Lenders use forty different ones — and matching your situation to the right credit policy is usually worth far more than any online estimate. Twenty minutes, no cost, no obligation.
Things to know: these calculators are a guide only. Results are estimates based on the figures you enter and the assumptions stated on this page — they don't take into account all fees and charges, changes in interest rates, or your full personal circumstances, and they are not a loan offer, pre-approval, or credit advice. Every lender assesses applications differently, and your actual borrowing capacity, repayments and savings may be higher or lower. Before acting, consider whether the results are right for your situation — or better yet, talk it through with a broker. Wombat Home Loans is a Credit Representative of Loans Only Pty Ltd, Australian Credit Licence 561324.