Your current rate
How does it compare?
Compare against what your own lender currently offers new customers, not just against the market. The gap between the two is often the whole story.
CALCULATOR
Is your current loan still any good?
Most people never check. Lenders are counting on that.
RUN THE NUMBERS
Check what your loan is actually costing
Enter the loan as it stands today. There is no score and no benchmark rate here — every observation below is worked out from the figures you enter, including the rate you tell us you believe you could get.
From a recent statement. Many people are paying more than they think.
Enter a rate you have actually been quoted or seen advertised. Nothing here suggests one.
How you are running the loan
Only counted when the loan actually has an offset account.
Fixed loans limit what you can do with extra repayments and can carry a break cost.
Interest still to pay
$605,756
over the 25 years remaining
At today's balance that is about $104.88 a day.
- Repayment
- $3,953per month
- At the rate you entered
- $3,719per month
- Saved by that rate
- $69,984
- Rate, offset and extra together
- $137,096
- As it stands$605,756
- At the lower rate$535,772
- With the extra repayment$526,787
- Everything together$468,660
What stands out
- Your rate is 0.65% above the rate you entered as achievable. Over the term that is worth $69,984 in interest.
- No offset balance is being counted. Savings held against the loan reduce the interest charged rather than earning taxable interest elsewhere.
- Paying $200 extra a month clears the loan 2 years 9 months earlier and saves $78,969.
What this calculation assumes
- The rate you enter is assumed to hold for the rest of the term. A variable rate will move, and a fixed rate reverts.
- Interest a day is worked out on today's balance. It falls as the balance does, so the figure shrinks over the life of the loan.
- Comparisons hold the remaining term constant, so a lower rate shows as a saving rather than as a smaller repayment over a longer period.
- Break costs on a fixed loan are not calculated. They depend on wholesale rates at the time and only your lender can quote them.
- Nothing on this page recommends a rate, a product or a lender. The rate used for comparison is the one you entered.
WHAT IT TELLS YOU
A loan health check compares what you are paying against what is available
Home loans are not static products. Lenders adjust pricing regularly, and they frequently offer sharper rates to new customers than to existing ones. A loan that was competitive when you took it out can drift without anything visibly happening.
Your own position changes too. As you repay the balance and the property's value moves, your loan-to-value ratio falls — and pricing tiers are tied to LVR. You may qualify for better pricing at your existing lender without moving anywhere.
The check is worth doing every year or two, and whenever a fixed period is approaching its end.
WHAT MOVES THE NUMBER
What to look at
Your loan-to-value ratio
Has your LVR improved?
Repayments and price growth both reduce LVR. Crossing below a pricing threshold can entitle you to a better rate on the loan you already have.
Features you pay for
Are you using what you pay for?
An annual package fee is worth paying only if you use the offset, the fee waivers or the linked accounts it includes. Many people pay for features they never touch.
READING THE RESULT
An estimate is a starting point, not an answer
What the calculation covers
- A comparison of your rate against the market — as a first indication of whether to act.
- The effect of a lower rate — on both repayments and total interest.
- Whether your LVR has shifted — into a better pricing band.
What a lender does differently
- Switching costs are not in the headline — discharge, registration and application fees all apply.
- Break costs apply to fixed loans — and can be large enough to remove the benefit entirely.
- A new lender reassesses you — on today's income and commitments, not the originals.
- LMI may be payable again — if your equity is still below the threshold.
COMMON QUESTIONS
Questions about this calculation
How often should I review my home loan?
Every year or two as a matter of routine, and sooner if your circumstances change or a fixed rate period is ending.
A review costs nothing. The worst outcome is confirmation that your loan is already competitive.
Can I get a better rate without changing lenders?
Often, yes. Lenders will frequently reprice for an existing customer who asks, particularly one who can point to a competing offer.
It is always worth asking first — it is faster, free, and involves no new application.
What is loyalty pricing?
It describes the gap between what lenders charge existing customers and what they offer new ones. Existing borrowers who never ask can end up paying more than someone signing up today.
It is not universal, but it is common enough that a periodic check is worthwhile.
Is a lower rate always worth switching for?
No. The saving has to exceed the switching costs, and the comparison should hold the loan term constant — a lower rate over a longer term can still cost more overall.
Where you are part-way through a fixed period, break costs can settle the question entirely.
OTHER CALCULATORS
Other numbers worth running
GET IN TOUCH
Want us to check your current loan against the market?
Would rather talk it through?
(02) 9659 1694Important information
This page explains a calculation. Any figures you produce from it are estimates based on the assumptions described, not a quote, an offer of credit, or an indication that finance will be approved.
The information on this page is general in nature. It has been prepared without taking your objectives, financial situation or needs into account, so it is not personal advice and you should consider whether it is appropriate for you before acting on it.
Any rates, figures or examples shown are indicative only. Lending is subject to approval, and lender eligibility criteria, terms, conditions, fees and charges apply. Talk to us about what your own circumstances allow.