Mortgage switching calculator
This calculator helps you work out:
- whether you will save money by switching to another
- how long it will take to recover the cost of
- the benefits of making higher repayments instead of minimum
For detailed information see disclaimers &
Estimated time: 5 mins
Disclaimers & assumptions
- This is a model not a prediction. Results are
only estimates, the actual amounts may be higher or lower. We
cannot predict things that will affect your decision such as
movements in investment markets.
- This calculator is not intended to be your sole source of
information when making a financial decision. You should consider
whether you should get advice from a licensed financial
- This calculator is designed to help you see if switching home
loans could be worthwhile for you. It is not intended to be relied
on for the purposes of making a decision in relation to the
financial product. You should consider obtaining advice from a
financial services licencee before making any financial
- Financial institutions all calculate interest and hence
repayments in a slightly different manner, so the repayment patters
produced by the calculator may not be the same for your loan.
- Use of this calculator does not guarantee that you will be able
to get a loan with the specified interest rates and fees. You will
need to satisfy the lending criteria of whichever lender you are
- When comparing loans, changes in the cost of living over time
have not been considered.
In making the calculations we assume the following:
- the interest rates you enter are nominal and charged at the
frequency you specify
- each year has 12 equally sized months, 26 fortnights and 52
- the introductory interest rate remains unchanged during the
introductory period you specify
- the ongoing interest rate remains unchanged at the ongoing rate
for the remainder of the loan.
Up-front fees (early termination fee, application fee, other
switching costs) are added to the value of the loan at the start of
Regular fees are charged at the end of each repayment period,
prior to the repayment being made. If the regular fee frequency
does not match the repayment frequency, then an equivalent fee for
the repayment period is used.
Repayments are calculated so that the loan is paid off at the
end of the specified term remaining. Where an introductory period
has been selected, we calculate the repayments for this period
assuming that the introductory rate applies for the entire term of
the loan. At the end of the introductory period, we calculate a new
payment level based on the loan outstanding and the remaining term
at the time.
Shows the savings generated by switching loans should by you
make the minimum repayments required under the existing loan to
both loans. The saving plotted is the amount by which the amount
outstanding on the new loan is less than what would have been owed
on the existing loan at the same point in time. An adjustment is
made in the last period to allow for the fact that a lower
repayment may be required for the loan that is being repaid.
Last updated: 25 Oct 2018