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Home loan review calculator
See what a lower rate would save you on your current home loan, then use the checklist to see if your loan still suits you.
In short: If you haven't reviewed your home loan in the last year or two, you may be paying more than new customers. On a $550,000 loan with 25 years left, a 0.5% lower rate saves about $170 a month, or over $50,000 across the loan.
How it works
Your 5-minute loan check
Do you know your current rate? Has a fixed term ended? Are you using an offset account? Has your income or property value changed? Is your loan still the right structure for your plans?
The loyalty tax
Here's what most people miss: lenders often give their best rates to new customers. A quick review, and a call to your lender, can close the gap without switching.
FAQ
Common questions
How often should I review my home loan?
At least every one to two years, and whenever a fixed rate ends, your circumstances change or rates move noticeably.
What's the loyalty tax?
The gap between what existing customers pay and the rates lenders offer new customers. It's often 0.3% to 0.5%, which adds up to thousands a year on a typical loan.
Should I refinance or ask my lender for a better rate?
Ask first. If your lender won't match, compare the saving against switching costs using our refinancing calculator.
Can a broker review my loan for free?
Yes. We review your current loan against 60+ lenders and tell you honestly if it's worth changing.
Home Loans & Property
Read before you decide
General information only. These calculators give estimates based on the figures you enter and published rates, and don't consider your objectives, financial situation or needs. They're not a quote, credit assessment or tax advice. Elephant Financial Pty Ltd trading as Elephant Advisory is an authorised credit representative (ACR 487962) of Yellow Brick Road Aggregation Pty Ltd, Australian Credit Licence 390261.
