What a better rate could save you, in seconds.
over the life of your loan by moving to a better rate.
Based on arthr’s 6.2% average rate, refreshed regularly.
Indicative only — not a loan offer. Credit assistance by 1st Street Financial (Credit Representative 490057, under Australian Credit Licence 389328).
A home loan runs for decades, so even a small gap in the interest rate compounds into real money. Drop your rate by half a percent on a $550,000 loan and you can keep tens of thousands of dollars over the life of the loan — money that would have gone to the bank.
This calculator compares the repayments on your current rate with the repayments at a better one, on the same loan and term, and adds up the monthly difference. It assumes a 6.2% average rate and doesn’t include switching costs — a broker takes those off so the number you act on is real.
Refinancing isn’t always worth it. There are fees and a few weeks of admin, and sometimes staying put wins. The point of this tool is to show you whether the gap is big enough to bother — then a broker checks it against real lenders.
We compare the repayments on your current rate with the repayments at a better rate, on the same loan and term. The monthly difference, added up over the life of the loan, is your saving. Move the sliders above to see it change.
Often, but not always. Even a small rate drop adds up to real money over 20 or 30 years. Against that there are switching costs and a few weeks of admin. A broker runs the numbers honestly and tells you straight — sometimes staying put is the right call.
Usually a discharge fee from your old lender and possibly settlement or application fees on the new loan — often a few hundred dollars, sometimes waived. A broker factors these in so the saving you see is a real, net figure.
A refinance application shows as an enquiry, which can nudge your score down briefly. Applying for several loans at once has more effect — which is exactly what a broker helps you avoid by matching you to one lender that fits.
A 1st Street broker (Credit Representative 490057, under Australian Credit Licence 389328) checks 40+ lenders, handles the paperwork, and manages the switch. The estimate here is indicative — they confirm the real rate and saving for your situation.
If the gap looks worth it, a broker can confirm the real rate and handle the switch. Fifteen minutes is usually enough to know.
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