Compare two loans side by side including fees.
Comparing loans on the advertised rate alone is unreliable, because fees, term and structure all change the real cost. This puts two loans side by side on the same loan amount and term, so the difference you see is the difference you would actually pay. Where the two have different terms, compare both the repayment and the total cost — a lower repayment over a longer term usually costs more overall.
If one of the loans is a refinance, the comparison is incomplete without the switching costs: a discharge fee from your current lender, application or valuation fees from the new one, and any break cost if you are on a fixed rate. A saving that takes four years to recover the switching costs is a different proposition to one that recovers them in six months.
The most useful output is not the monthly saving but how long it takes for the saving to cover the cost of moving. If you expect to sell or refinance again before that point, the switch does not pay for itself, however good the rate looks.
A calculator gives you a starting figure. What a lender will actually approve depends on your income, expenses, credit history and the property, and it varies between lenders. We compare more than 40 lenders on our panel and will tell you where you genuinely stand — see our home loan, refinancing and car loan services, or the suburb pages for Werribee, Tarneit and Point Cook.
It depends on your loan size, the remaining term and the switching costs. On a large balance a small difference matters; on a small balance it may not cover the fees.
Use the Comparison Rate to shortlist, then compare the actual fee schedules on the loans that survive.
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