Refinance Feasibility Calculator
Is switching actually worth it?
Refinancing only makes sense when the saving outlasts the cost of moving. This weighs one against the other, so you can see whether a change pays for itself and how long it takes to get there.
The honest answer is sometimes no, and this will tell you when it is.
Estimate only. This calculator is a guide. It is not a quote, a pre approval or a credit offer, and it does not take your objectives, financial situation or needs into account. Real figures depend on the lender, the product, the fees, the loan to value ratio and a full assessment of your circumstances.
Switching costs vary. Discharge fees, application and settlement fees, valuation fees and government registration charges all differ by lender and by loan, and a fixed rate loan may attract a break cost. Where your loan has lenders mortgage insurance, that premium does not follow you to a new lender.
Worth knowing
Reading the result properly
What it works from
What you owe now, what you are paying, what the new loan would look like, and the fees involved in closing one loan and opening another.
The part people miss
Resetting a loan back to thirty years lowers the repayment while raising what the loan costs you across its life. A lower repayment and a cheaper loan are not the same thing.
Where it gets interesting
If the numbers are marginal, the answer often is not a new lender at all. Sometimes a repricing request to your current one does the job with no paperwork and no cost.
Where to from here
Start with a straight answer.
One short conversation is usually all it takes to know where you stand and what your options actually are. Nothing to fill in first, no obligation at the end of it, and if the answer is no, I will tell you that and what would need to change.
Monday to Friday, 9am to 5pm. Perth CBD, or by phone and video anywhere in Australia.