In Australia, comparing a home loan “balance transfer” means comparing a refinance: moving your existing mortgage to another lender. The best offer is not necessarily the one with the lowest advertised rate. Compare total costs and repayments over the same period, account for switching fees, and check whether you could manage repayments if variable rates rise.
Compare offers using the same assumptions
Ask lenders for written offers and, where available, a personalised Key Facts Sheet based on your loan amount, intended term and circumstances. Record when each sheet was produced: its stated rates and fees apply as at that date. The Australian Government’s rules describe the sheet as a comparison aid, not proof that you are eligible or an unconditional credit offer. Read the Key Facts Sheet rules.
For a fair comparison, use the same loan balance, remaining term and repayment type wherever possible. If a new lender quotes a longer term, model that separately: it may reduce the required monthly repayment while increasing the time you pay interest and changing how much principal you repay.
Build a comparison record
- Balance and remaining term used in each quote.
- Whether the rate is variable, fixed, split or introductory, and how long any discount or fixed period lasts.
- Principal-and-interest repayment, plus a repayment estimate under at least one higher-rate scenario.
- Comparison rate and the fees it includes or excludes.
- One-off switching costs, ongoing fees, any cashback and its conditions.
- Features you will actually use, including offset, redraw and extra repayments, along with their limits and access rules.
Estimate the full cost of switching
Compare the likely cost over a period you expect to keep the loan, rather than relying on the headline rate. Estimate the new loan’s interest and fees over that period, add switching costs and subtract any incentive you can meet the conditions for. Compare that result with the existing loan’s interest and fees over the same period. State your assumptions: the estimate is not a guaranteed saving, because rates, fees and your circumstances can change.
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- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan AMT, Int, Term, PMT. This industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and much more
- CONFIDENTLY AND EASILY SOLVES: All your clients' financial questions whether they are buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: At the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or tvm calculations Find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: Reduce your clients' confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket User's Guide, and long-life batteries
Include costs that can erase a rate saving
- One-off costs: discharge and application or establishment charges, government charges, and any fixed-rate break cost. Check whether lenders mortgage insurance applies.
- Ongoing costs: package or account fees and any additional fee or pricing premium for offset access.
- Incentives: record cashback or lender credit and its eligibility conditions; assess it against the loan’s other terms and costs.
ASIC cautions that discharge or arrangement costs and lenders mortgage insurance can outweigh a lower rate, and that cashback should be judged alongside the loan’s terms and fees. See ASIC’s refinancing guidance.
Use the comparison rate carefully
A comparison rate combines the interest rate with most fees and charges, making it a useful first screen for advertised costs. It is not a complete measure of what a particular borrower will pay. Under ASIC’s explanation of comparison rates, it excludes government charges and charges that apply only in particular circumstances, such as early repayment. It also does not capture non-price features such as flexible repayments or fee-free accounts. Check the written offer and contract for excluded costs and the features that matter to you. Read ASIC’s National Credit Code information on comparison rates.
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- Loan Amortization and Remaining Balances
- Instant Principal, Interest, Interest Only and Total Payments
- Future Values
- Date math function
A personalised Key Facts Sheet uses the amounts and terms you provide and known applicable fees; the rates and fees shown are those current when the sheet is produced. Ask for current documents and compare sheets based on identical assumptions.
Check how rising rates affect repayments
Variable-rate loans
Ask for repayment estimates at the quoted rate and at a higher rate you choose as a stress test. A variable-rate repayment can change as rates or fees change, so consider whether your budget has room for the higher payment.
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- SPEAKS YOUR LANGUAGE: Keys clearly labeled in residential mortgage finance terms like Loan Amt, Int, Term, Pmt; this industry-standard calculator is super easy to use on all realty financing matters from finding a loan that works for your client to considering trust deeds investments, or finding remaining balances or balloon payments and more
- CONFIDENTLY AND EASILY SOLVE: Clients' financial questions whether they're buyers, sellers, investors or renters. Increase your perceived professionalism as a new agent, experienced broker or seasoned loan officer. Close more home sales and impress your clients with fast, accurate answers to all their real estate finance questions from PITI Payments to IRR, NPV and Cashflows
- DEDICATED BUYER QUALIFYING KEYS: Enter client's income, debt and expenses to pre-qualify them to only show properties they can afford. Include tax, insurance and mortgage insurance then compare loan options and payment solutions to give your client choices before they make an offer to buy
- FIGURE OUT THE RIGHT LOAN: For your client at the press of a button for jumbo, conventional, FHA/VA, or even 80:10:10 or 80:15:5 combo loans; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices; easily perform what if loan or TVM calculations find loan amount, term, interest or PITI or PI payments
- BECOME AN INVALUABLE RESOURCE: To your clients by reducing their confusion and uncertainty; ensuring they are able to make a purchase offer; knowing they can afford the down payment; and determining which is the right loan for them. Date-math for listings and contracts too. Comes with a protective slide cover, quick reference guide, pocket user's guide, and long-life battery
Fixed-rate loans
Compare the fixed period, the rate or product that applies afterward, limits on extra repayments and possible costs of exiting early. A low payment during the fixed period alone does not establish the loan’s longer-term cost.
Split loans
A split loan can divide borrowing between fixed and variable portions, but each portion may have its own restrictions and charges. Compare the actual terms rather than treating a split as automatically safer or cheaper.
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- The mortgage is a huge part of buying a house and you should know your options, figure your monthly payments (using mortgage calculator), understand the different mortgage loan types, learn what is emi and mortgage insurance etc.
- This mini-course is also crucial If you already have a mortgage because you must understand the terms of your mortgage and check if you should refinance your mortgage (We live in a time in which refinancing can often save a lot of money because of the low interest rates).
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There is no one-size-fits-all choice between fixed and variable: suitability depends on the offer, your plans and your capacity to manage payment changes. For market context, the Reserve Bank of Australia reported that the spread between average new and outstanding variable mortgage rates fell from around 35 basis points in 2019 to around 3 basis points as at December 2025. This is an aggregate market measure, not a forecast or an estimate of the rate available to you. Read the RBA’s February 2026 Bulletin.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Price features by how you will use them
Include a feature’s cost only if you value and expect to use it; then check the actual access rules.
Best Value
- Offset: an offset balance reduces the balance used to calculate interest. Whether it is worthwhile depends on the balance you expect to maintain and any added loan costs.
- Redraw: lets you access additional repayments, but lender rules, limits, fees and timing vary. Do not assume redraw and offset work the same way.
- Extra repayments: check whether they are permitted, whether limits apply and whether fees are charged. Moneysmart notes that paying half the monthly repayment every two weeks results in the equivalent of an extra month’s repayment each year because there are 26 fortnights in a year; confirm the loan permits the extra payments and check for fees. See Moneysmart’s mortgage repayment guidance.
Ask your current lender before you refinance
Request a rate review from your existing lender, then compare any retention offer with external written offers on the same balance, term and repayment basis. Include fees, features and the higher-rate repayment scenario; a lower rate by itself is not enough to establish which offer costs less. If you speak with a mortgage broker, ask which lenders they can access and how they are paid. ASIC says a broker may help compare loans and decide whether to switch.
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