Do these 3 things before closing this tab:
1Fix the driver behind crashes, sound loss and screen glitches2Clear out junk files and repair common Windows errors3Scan for outdated or missing drivers - takes under a minuteAfter a home-loan rate rises, compare refinancing offers against your current loan on the same balance, repayment type and remaining term—and include every switching cost. A lower advertised rate or monthly payment alone does not prove a switch will save money. This guide uses Australian rules and terminology: “balance transfer” here means moving a home loan to another lender or switching products with your existing lender, not transferring a credit-card balance. Outside Australia, check your local regulator’s rules and fees.
What to compare before deciding
In Australia, start with a Key Facts Sheet for each loan, using assumptions that match your circumstances: likely loan amount, principal-and-interest or interest-only repayments, repayment frequency and variable or fixed rate. Compare the initial rate, personalised comparison rate, repayment, total amount payable, establishment fees and ongoing fees. The Australian National Consumer Credit Protection Regulations 2010 prescribe this advice in the Key Facts Sheet material: “To obtain the best deal for you, it is important to shop around and compare interest rates, fees and features before you apply for a home loan.” Read the regulations.
As an Amazon Associate I earn from qualifying purchases.
A Key Facts Sheet gives you a consistent starting point, not a loan approval or a guarantee that its figures will still apply when you apply. Rates and fees are current as at the sheet’s production date and can change. Ask the lender or broker to confirm current terms and your eligibility. Use the sheet to standardise the initial comparison, then ask about any costs, conditions or features that are not covered by its figures.
Comparison rate is not the whole cost
ASIC says a comparison rate combines the interest rate with most fees and charges. It excludes government fees and charges and fees that apply only in particular circumstances, such as early repayment. It also does not capture the practical value of features such as flexible repayments. Add these excluded costs and feature differences to your comparison separately. ASIC’s explanation of comparison rates.
#1 Best Overall
- Loan Amortization and Remaining Balances
- Instant Principal, Interest, Interest Only and Total Payments
- Future Values
- Date math function
That means a comparison rate is a useful way to screen offers, but it is not a single all-in answer for every borrower. Your own costs may depend on whether you leave a fixed-rate loan early, need a valuation or legal work, or choose an account package for an offset facility. Check which charges apply to your case rather than assuming that two products with similar comparison rates will have the same switching cost.
Keep the term consistent
Compare a new offer using the years remaining on your existing mortgage. Extending the term can reduce the required monthly payment while increasing total interest, so treat a longer term as an explicit affordability choice and make its total cost visible. A lower repayment caused by stretching the loan is not, by itself, evidence that refinancing is cheaper.
For a fair comparison, do not compare the current loan’s remaining years with a new loan that starts a fresh full term and then rely only on the monthly-payment figures. If a longer term is the only way a proposed payment fits your budget, show that option separately: it may address a short-term cash-flow need, but it changes how long you pay interest and the total amount repayable.
Step 1: Record the current loan and its exit costs
Gather the details that determine both the current payment and the cost of leaving:
- Outstanding balance, interest rate and whether it is fixed or variable.
- Principal-and-interest or interest-only repayment type, repayment frequency and years remaining.
- Fixed-rate expiry date, if applicable, and any rate change already scheduled.
- Recurring account or package fees and the loan features you actually use, such as offset, redraw or extra repayments.
- Written discharge or termination costs, and any internal-switch fee if you move to another product with the same lender.
- A lender-provided fixed-rate break-cost calculation, if relevant.
Break costs depend on the contract and rate conditions. Do not estimate them from a competitor’s advertised rate. Ask your lender for a written figure and the conditions or date through which it applies. Moneysmart’s guide to switching home loans explains costs to check.
Make sure the figures describe your loan now, not only the terms you remember accepting when you first borrowed. The balance, rate, repayment arrangement and remaining term are the baseline against which every alternative should be tested. If the loan is fixed, note when the fixed period ends and ask whether a change before then would trigger a break cost; do not assume that waiting until expiry or switching immediately has the same cost.
Step 2: Ask your current lender for a rate review
Before applying elsewhere, tell your lender you are considering a competing offer and ask whether it can reduce your rate or switch you to another product. Moneysmart recommends asking the current lender for a better deal before switching. Compare any proposed internal change on the same balance, remaining term and features as an external refinance.
Free tools Windows power users keep installed
One-click scans. No signup required.
Staying with the lender may avoid some costs involved in closing one loan and opening another, but confirm whether an internal switching fee applies and whether the new product removes or changes features you use. Get the offer and fees in writing so you can compare them against an external lender’s terms.
Rank #2
- 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
A rate review is not automatically the best outcome just because it is simpler. Ask what rate and product would apply, whether the change affects account fees or features, and whether any conditions apply. Put the internal offer beside the external offers in the same worksheet; the comparison should show the actual costs avoided as well as any costs retained.
Step 3: Get like-for-like offers
Request a Key Facts Sheet for each alternative based on the likely loan amount and the repayment and rate type that fit your situation. Ask for figures using the same remaining term as your current loan. If a lender provides a temporary introductory or fixed-period rate, record when that period ends and what rate applies afterward; do not project the temporary rate across the full mortgage term without stating that assumption.
A sheet is not a binding offer. Approval, valuation, eligibility and final pricing can affect what is available to you. Treat them as practical checks alongside the cost comparison, rather than assuming that a quoted rate means you can obtain the loan.
Recommended Free Tools
When you receive a sheet, check that its assumptions match the comparison you intend to make: loan amount, repayment frequency, repayment type and rate type. A sheet based on different assumptions may still be informative, but it does not make a like-for-like comparison. Rates and fees may change after the sheet is produced, so verify the current figures and the terms you could actually receive before acting on an apparent saving.
Step 4: Build a total-cost comparison
Use lender-provided figures and an official or otherwise clearly described calculator. The worksheet below helps keep the comparison aligned. Fill in all three columns, including a same-lender product switch if one is offered.
| Item | Current loan | Internal switch | New lender |
|---|---|---|---|
| Balance and remaining term | Record | Record | Record |
| Rate and rate type | Record | Record | Record |
| Monthly repayment | Record | Record | Record |
| Upfront and ongoing fees | Record | Record | Record |
| Discharge, break, government, legal and valuation costs | Record any exit costs | Record any switching costs | Record applicable costs |
| LMI, rebate or refund to confirm | Record relevant amount | Record relevant amount | Record relevant amount |
| Offset, redraw and extra-payment features and fees | Record | Record | Record |
| Total cost over the same comparison period | Calculate | Calculate | Calculate |
| Months to recover switching costs | Not applicable unless changing | Calculate | Calculate |
| Payment under a higher-rate scenario | Calculate | Calculate | Calculate |
Count one-off, ongoing and contingent costs
Include the interest rate and personalised comparison rate, monthly payment, total amount repayable, establishment and ongoing account or package fees, and any costs not included in the comparison rate. Check for:
- Discharge or termination and new application fees.
- Internal switching fees, if changing products with your current lender.
- Fixed-rate break costs, government charges, and legal or valuation fees where they apply.
- Possible lender’s mortgage insurance (LMI), and any potential rebate or refund on the old loan.
- Fees or restrictions attached to offset accounts, redraw and extra repayments.
Not every item applies to every borrower or loan. Confirm the amount and when it becomes payable with the lender, solicitor or other relevant party rather than assuming it is included in the comparison rate.
Quick wins for a faster PC:
Clear out junk files and repair common Windows errorsFree Scan →Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →For each option, state the comparison period and use the same balance, repayment type and remaining term. Compare the total amount payable and fees over that period, not just the headline rate or first monthly payment. If you use a calculator, write down its assumptions—including how long a rate is assumed to apply—and use those assumptions consistently. A temporary offer that is attractive for an initial period may not remain so after its introductory or fixed period ends.
Rank #3
- DEDICATED FUNCTION KEYS for Quick Financial Solutions: Clearly labeled function keys enable you to quickly and confidently provide financial answers and options for your clients, whether in the office, in the car or at an open house. Compare loan options and provide payment solutions to give your client choices
- INSTANT FINANCIAL PROBLEM SOLVING: Solve the financial questions your clients have whether they are buyers, investors or renters; increase your perceived professionalism and close more home sales by quickly answering real estate finance problems including remaining balances
- RESIDENTIAL REAL ESTATE FINANCE TERMS: Keys labeled in residential real estate finance terms like Loan AMT, Int, Term, PMT; Calculator is super easy to use to determine a mortgage loan that works for your client
- VERSATILE LOAN CALCULATION OPTIONS: Calculate 80:10:10 or 80:15:5 combo loans at the press of a button; check to see if ARMs or bi-weekly loans, quarterly payments or if interest-only payments are the answer; giving your client more choices
- COMES COMPLETE: Comes with a protective slide cover, quick reference guide, pocket user's guide, two long-life batteries, and 1-year warranty
Also separate costs that are definite from amounts still to confirm. For example, label an LMI estimate or possible old-loan refund as provisional until the relevant lender confirms it. This makes it easier to see whether an apparent saving depends on an unconfirmed rebate, a particular valuation, or a fee that may apply only if you leave early.
Step 5: Calculate the break-even point
Estimate the savings over a defined period, subtract the one-off switching costs, and work out how many months of savings it takes to recover those costs. Keep the repayment assumptions, remaining term and comparison horizon consistent. If you expect to sell, pay off the mortgage or refinance again before reaching break-even, the switch may not have time to pay for itself; early repayment can also trigger contingent costs.
A practical way to express the question is: how many months of the expected saving would be needed to cover the switching costs, and will you likely keep the loan long enough to reach that point? Use the expected saving on the same comparison basis, rather than treating a lower payment as pure saving if it results from extending the loan term. If the amount saved each month is uncertain because the rate can change, make that uncertainty clear instead of presenting the break-even month as guaranteed.
Moneysmart’s worked example describes a hypothetical couple who would save $84,040, or $280 a month, over a 25-year loan and recover switching costs in five months. Those figures illustrate that example only; they are not a typical saving, independent study or forecast for other borrowers. See Moneysmart’s switching example.
Do not treat a calculator result as a personal recommendation unless it reflects your actual balance, rates, fees, term and assumptions. If a proposed offer uses a different term or assumes a rate will remain unchanged for years, state that clearly before comparing totals.
Step 6: Check equity and LMI
Moneysmart warns that borrowers with less than 20% equity may have to pay LMI when switching, and that this cost can outweigh interest savings. Ask the new lender for a written estimate based on your circumstances, and ask the existing lender whether a refund of some LMI on the old loan may be available. Eligibility, price and any refund depend on the lender and borrower; do not count a possible refund as a saving until it is confirmed.
Include LMI in the new-loan cost comparison if it applies, rather than treating it as a small administrative detail. A projected lower rate could be offset by that charge, so the relevant question is whether the total cost still works after the lender has assessed your case and confirmed any refund. The less than 20% equity point is a reason to check, not a guarantee that LMI will apply or that a refund will be available.
What’s actually slowing this PC down?
Pick the symptom - the matching free tool is one click away.
Step 7: Value only the features you will use
Compare the features that matter to your household, not simply the number of features a product advertises. An offset account can reduce the balance on which interest is calculated, but its benefit depends on the cash you keep in it and any account fee. Redraw access and extra-repayment rules can differ between products.
Rank #4
- 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
Ask whether a replacement loan preserves the features, limits and access arrangements you currently rely on, and whether any fee or restriction changes their practical value. Moneysmart recommends considering fees, features and flexibility alongside rates. Read Moneysmart’s home-loan guidance.
For example, an offset feature is only relevant to your comparison if you use the account and hold cash in it; its value depends on that balance and any cost of the account. Likewise, if you make extra repayments or rely on redraw, confirm that the new loan permits the arrangements you need and that access is not materially different. A feature can be useful without being worth an additional fee for a household that does not use it.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Step 8: Stress-test another rate rise
Calculate the proposed repayment at the offered rate and at one or more higher rates, using the actual balance and remaining term. Check whether the payment remains manageable if household income falls or living costs rise. Moneysmart suggests allowing for a 3% increase when assessing what you can afford to borrow. This is an affordability stress test, not a prediction of future rate changes or a guarantee that increases will stay within that amount. Moneysmart’s borrowing guidance.
Apply the stress test to the current loan and each alternative, not only the offer with the lowest initial rate. The purpose is to see how the household budget responds to higher repayments, not to forecast where rates will go. Note both the payment at the quoted rate and the payment under the higher-rate scenario, then consider whether either would be difficult alongside other household costs.
If repayments are already becoming difficult, contact your current lender early to discuss your situation and ask about hardship support before paying a third party for help. A UK mortgage support framework is not an Australian entitlement: the UK Mortgage Charter’s 2026 text describes options for eligible UK borrowers, but does not establish Australian rights. Read the UK framework.
How to choose between multiple offers
When the offers are on a consistent basis, weigh the factors in this order:
- Total cost: compare over the same remaining term or a clearly stated horizon, including interest and relevant fees.
- Switching costs and break-even: include upfront and contingent costs, then compare the recovery period with how long you expect to keep the loan.
- Repayment resilience: consider both the payment now and what it would be at higher rates, alongside your household budget.
- Term: identify whether a lower payment comes from a lower rate or from extending the loan and paying interest for longer.
- Useful features: count the value of features you will use, net of their fees and restrictions.
Valuation, LMI, approval timing and eligibility can determine whether an offer is workable even if its projected cost looks attractive. A comparison website or broker may help identify offers, but Moneysmart cautions that comparison sites may earn money from promoted links and may not cover every option. Check how any service is paid and whether its coverage suits your needs; do not assume a list is exhaustive.
The Tool Desk
Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →If you use a broker or comparison service, keep your own written comparison as the reference point. Official guidance identifies brokers and comparison websites as ways to find loan options, but it does not mean every provider or website covers the full market. Check the individual provider and any commercial relationship, and focus on whether its offers meet your needs and can be compared on the same assumptions.
Best Value
- Extra large 12-digit angled display.
- Loan Wizard.
- Automatic Tax Keys.
- Selectable decimal setting.
- Input any three loan variables to compute the fourth.
Questions to ask before you switch
- What is the total amount payable over the same remaining term, including the fees that apply to me?
- What discharge, break, application, internal switching, government, legal or valuation costs should I expect, and when are they payable?
- Does the quoted rate apply for the full comparison period? If not, what rate or product applies when the introductory or fixed period ends?
- Would I pay LMI, and can the old lender confirm whether any LMI refund is available?
- Will the new loan preserve the offset, redraw and extra-repayment features I actually use, and what fees or restrictions apply?
- What would my repayment be at a higher rate, and would I meet the lender’s eligibility and valuation requirements?
Written answers make it easier to distinguish a genuine saving from a result that depends on a temporary rate, an extended term, an unconfirmed refund or a feature that is no longer available.
Frequently Asked Questions
Should I refinance my Australian home loan after an interest rate increase?
It depends on the total cost and whether the new loan suits your circumstances. Compare the existing loan and alternatives using the same balance, repayment type and remaining term, then include all switching costs, feature costs and any LMI. A lower advertised rate or payment alone does not show that refinancing will save money.
What costs should I include when comparing a home-loan balance transfer?
Check for discharge or termination fees, fixed-rate break costs, application or internal switching fees, applicable government charges, legal or valuation fees, ongoing account or package fees, and possible LMI. Ask lenders which charges apply to you and whether any old-loan LMI refund is available. Some charges are excluded from the comparison rate.
Windows Errors? Fix Them Before They Spread
Repair common Windows errors and clear accumulated junk for a smoother, more stable PC - no reinstall needed.Free scan · no reinstallOutdated Drivers Are Slowing You Down
One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchWhat does a home-loan comparison rate include—and leave out?
ASIC says a comparison rate combines the interest rate with most fees and charges. It does not include government fees and charges or fees that apply only in certain circumstances, such as early repayment, and it does not measure the practical value of non-price features such as flexible repayments. Check your own costs and feature needs separately.
How do I work out whether switching costs are worth paying?
Estimate savings over a stated period using like-for-like loan assumptions, then compare the savings with one-off switching costs and calculate how many months it takes to recover those costs. Consider how long you expect to keep the loan; selling, paying it off or refinancing again before break-even can change the decision. Use your actual loan terms and confirmed fees.
Will I have to pay LMI if I refinance?
Not necessarily. Moneysmart warns that borrowers with less than 20% equity may have to pay LMI when switching, and that it can outweigh interest savings. Ask the new lender for a written estimate and the existing lender whether a partial refund of old-loan LMI may be available. Eligibility, cost and refund depend on the lender and your circumstances.
Is a 3% rate increase a forecast?
No. Moneysmart suggests allowing for a 3% increase as an affordability stress test when working out what you can afford to borrow. It is not a prediction of future rate changes or a guarantee that increases will stay within that amount.
Should I ask my current lender for a better rate before refinancing?
Yes, it is a practical first step. Moneysmart advises asking your current lender for a better deal before switching. Compare any internal offer against external options on the same balance, remaining term and features, and confirm internal switching fees and any changes to features in writing.
The Bottom Line
After a rate increase, compare each Australian home-loan option—including a rate review with your current lender—on the same balance, repayment type and remaining term. Add switching and feature costs, check LMI and break-even, and stress-test repayments at higher rates. Refinance only if the confirmed total cost, practical features and payment resilience suit your circumstances; a lower headline rate or monthly repayment is not enough.
Quick Recap
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
