![]() All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. You could also save more money by switching to a home loan with an offset account, or one with lower fees.īase criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. In this case, refinancing to a lower interest rate could save you more than $36,000 over your entire home loan. Let’s say you have $400,000, 30-year home loan with P&I (principal and interest) repayments, and you decide to refinance your home loan from 4.00% p.a. Even a slightly lower interest rate can make a huge difference. Refinancing to a home loan with a lower interest rate can potentially save you thousands of dollars over the life of a standard home loan. This can be a move to a different loan from the same lender, or a new lender together. Mortgage switching, more commonly known in the industry as refinancing, is the act of moving from one home loan to another. That’s where our mortgage refinance calculator can help. Refinancing to the wrong home loan could cost you in the long run, while refinancing to a better one could leave you thousands of dollars better off. Refinancing isn’t always an easy thing to do and it’s a big decision to make. You might want to change home loan types, like from owner-occupier to investor, or from principal and interest to interest-only.You might want a loan with better features.You might be paying too much in interest. ![]() Refinancing a mortgage can be an effective way of moving from one home loan to a more suitable one for your needs. Then, enter your new loan’s interest rate, as well as any potential introductory rate, and compare the results between the different loans so you can get an idea of whether it’s worth refinancing or not. Any fees you have (ongoing, termination fees) or will have to pay on the new loan.Current repayment frequency (weekly, fortnightly or monthly).Remaining term (how many years you have left on the loan).To find out how much you could potentially save, enter the following info: For help deciding if refinancing your mortgage is worthwhile, ’s home loan refinance calculator could be a good place to start.
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