Home Loan Rate Change Calculator

How to use the Home Loan Rate Change Calculator 

Our home loan rate change calculator can be useful in for a number of different scenarios such as: 

• If you’re on a variable interest rate and your current rate has an increase or a decrease

• If you're trying to decide if it’s worth switching your home loan from a variable rate to a fixed rate or vice versa

• If you’re changing from an investment loan to an owner occupied loan or vice versa

This calculator can help you understand what your minimum repayments could look like when you make the change. To use this calculator, you simply enter your current loan amount, loan term, interest rate, type of loan, and whether it is on principal and interest or interest-only repayments. 

You can enter multiple different scenarios, which means you can clearly compare the difference in your monthly repayments based on different interest rates. This is useful information to know how much you can save or even how much of an increase in repayments you get when there’s a rate change in your home loan.

Should I Switch to Another Home Loan Lender?

There are several reasons why borrowers might choose to switch to another lender. Here are the things to consider before making the switch:

• Are you are getting a better interest rate? A better rate will mean your minimum loan repayments will be lower and as a result the overall amount of your loan will be lower as well, giving you the opportunity to save money. Plus, you’ll be able to pay off your home loan faster.

• Take into account the amount you will spend on upfront and ongoing fees when switching home loans, as this can potentially offset the benefits of a lower rate.

• Get to know the features of the new loan and if they will be useful to you. A new loan may have features such as an offset account, or a redraw facility. Such features can help you save money on your loan or even pay it off quicker.

• Also consider what you value in terms of customer service. Are you ok with an online lender, or do you prefer in-store branch access?

Switching to another home loan lender may involve fees such as early exit fees or break costs. If you are locked-in at a fixed interest rate and you want to change home loan to take advantage of a lower rate you will be charged for break costs. 

It’s important that you know how the cost of exit fees, since you want to take advantage of lower interest rate to save money in the first place.

You can use our home loan rate change calculator to work out how much you'll be saving when you decide to change home loan or when you switch to another lender. 

Compare home loan rates