Switching Mortgage Calculator

Thinking about your options? Discover the potential savings that switching your loan could create with our switching mortgage calculator. To use the calculator simply:

  • Enter the estimated property value, loan amount, loan period and repayment frequency in the top left section of the calculator.
  • Add the termination fees and differing interest rates in the ‘current loan’ and ‘new loan’ tabs
  • The comparison is shown in the bottom right table
What is the estimated value of your property?
The amount owing on your current loan
The number of years remaining for your current loan
The interest rate for the loan.
% p.a.
Does the loan have an introductory period with a different interest rate?



Are there any fees for terminating your existing loan?
Is there a regular monthly fee for the loan?
The interest rate for the new loan.
% p.a.
Does the new loan have an introductory period with a different interest rate?



Are there any fees for applying for the new loan?
Is there a regular monthly fee for the new loan?

Your Repayments

  • Weekly
  • Fortnightly
  • Monthly
Introductory Repayments Repayments Total Payable
Current Loan $843.86 $843.86 $151,894.23
New Loan $790.80 $790.80 $142,343.23
Savings $53.06 $9,551.00

Important Disclaimer: This is intended as a guide only. Details of terms and conditions, interest rates, fees and charges are available upon application. Mortgage House's prevailing credit criteria apply. We recommend you seek independent legal and financial advice before proceeding with any loan. * The interest rate shown on Toggle products is a blended rate comprised of 50% fixed interest rate and 50% variable interest rate. The Comparison Rate for each of the home loan products contained in this page is based on a loan of $150,000 over a 25 year term. Fees and charges may be payable. * This mortgage calculator shows indicative repayments based on 12/26/52 equal repayments for monthly/fortnightly/weekly options.

WARNING: The comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Fast track your home loan
Apply Online Book a Call Back
133 144

Should I look at switching loans?

Giving your mortgage a health check from time to time can always be a good idea. Shifting to a new loan might better suit your current financial situation, or even provide an opportunity to save a bit of money on your repayments. And it may not be as hard as you think, especially at Mortgage House. Our switching mortgage calculator can give you a quick look at how much you might be able to save with a new loan, but it always pays to speak with one of our expert lenders. They can then work to find a suitable loan for you and your family. But how do you know if you are ready to switch loans? That can be a difficult question to answer, but three quick tips can help. Firstly, look at the terms of your current loan to find out how much interest you are paying, when your loan will mature, what the conditions are, and what lender you are with. This can give you a handy overview of your loan which can help you find a better deal. Then find out how much equity you have in your property, by deducting the outstanding balance on your mortgage loan from the value of your home. Switching loans can come with a few extra costs. Finally, determine your property goals. Once you are armed with all this, our lending specialists can start working with you to look at your options.

What does a switching mortgage calculator do?

A switching mortgage calculator can give you a guide as to how much you may save by switching mortgages. The first thing to do is to enter the estimated property value of your home, then enter your current loan balance, the time it has left to run and the repayment frequency. Add the current interest rate, the discharge fee and any other fees and charges. Once you have done that, click on ‘new loan’ and a series of available Mortgage House options will appear in the drop down menu. If you are unsure of which option to choose, take a look around other pages to gain an understanding of which other mortgages may be suitable for you and your circumstance, if you haven’t already. It is important to make sure the information to enter into our switching mortgage calculator is as accurate as possible. Take the time to make sure you have it all available, as the results the calculator will give you are dependent on it.

switching mortgage

What will my new home loan repayment be?

Once you have entered all the information of your current loan into the switching mortgage calculator, and chosen a suitable Mortgage House loan, you will be presented with a series of repayment figures on the right hand side. These figures will show you the potential difference between how much you are currently paying, and how much you can pay with a new Mortgage House Loan. They will show you the difference per repayment, as well over the entire life of the new loan. However, it is important to remember that these figures are only a guide, and a way of giving you an indication of what any potential savings can be. The best way to make sure of your options is to contact us, ensuring you still have all the information needed.

Are monthly or fortnightly mortgage repayments better?

You may also notice our switching mortgage calculator has weekly, fortnightly and monthly repayment options. You may think that is superfluous, but you may actually be surprised to learn there can be big advantages to scheduling repayments every two weeks instead of every month. In short, it can save you money and help you pay off your loan sooner. If your repayments are, for example, $1000 per month, you will pay $12,000 off your loan each year. If you pay $500 per fortnight, you will pay $13,000 off each year – an extra month’s repayments. This can save a lot of money on interest repayments over the life of your loan.

Are there other loan repayment calculator options?

At Mortgage House we want to arm you with as much information as possible to help you find suitable mortgage options. One way we do this is by giving you access to a range of resources and information. Our switching mortgage calculator is not the only calculator in our tool kit. We have a range of others that can help guide you to find  suitable mortgage rate options, how much your repayments may be, how much you might be able to borrow, and how much stamp duty you may pay when you buy a new home. We even have a calculator that can help you plan a budget if you are looking to save for a deposit.

How often should you check your mortgage health?

Your financial situation can change a lot over the life of the loan, so it’s important to keep the possibility of giving your home loan a health check in the forefront of your mind as much as possible. It only takes Mortgage House experts about 20 minutes to do it for you, and the benefits can be long-lasting. Your financial situation or property objectives may be different than when you decided to apply for a mortgage in the first place. When they do change, that can be a good time to make sure your home loan is in good shape. You can’t expect everything to stay the same over 25 years, and we certainly don’t.

Whether you have a fixed interest rates mortgage or variable rate home loan, it can be a good idea to give it a health check when the Reserve Bank increases or decreases the official cash rate. If you’re noticing a lot of homes similar to yours for sale, or homes in your area selling for high prices that can also be a good time to check in. Spring can also be a good time to check your current loan, as that is the peak of the Australian real estate selling season. Whenever there are big changes to banking or lender regulators or government budget announcements around first home owners or stamp duty, there can be a lot of movement in the real estate market. Having your home loan in good shape can be a good way to take advantage of these moves.

What are the costs of switching loans?

No matter what type of loan you’re switching from or switching to, there may be some costs associated with the change. If you apply for a home loan, whether it’s a fixed rate or variable rate mortgage, interest-only or principal and interest, owner occupied or investment, you may be charged a fee to set it up. If you have a fixed interest rate loan at the moment, it means you are fixed into a time period as well, and some banks and lenders can penalise you for switching home loans. It is also important to understand all the terms and conditions of each loan, and whether there are any other costs or fees that may be hard to see at first glance. Also, if you required Lenders Mortgage Insurance when you took out your current home loan, you may have to take it out again. That can add to the cost of switching your home loan.

What loan types can I switch to?

There are no rules about which home loans you can switch to generally, other than you can’t use owner-occupied home loans to buy real estate as an investment. So there are a lot of options to switch to, and comparing them all is easy with Mortgage House. You can choose up to five at a time and compare all their features, repayment options, interest rates and even fees and charges. There can be benefits in moving from a variable to a fixed interest rate loan, especially if you think the official cash rate could increase in the near future. And if you think the cash rate may drop further, moving from a fixed rate to a variable rate mortgage may be smart, as long as you are aware of the costs that can come with settling a fixed rate mortgage early.

How much could you save by switching loans?

There is no doubt that switching home loans can save you money, if you do your research and if you are smart about it. Researching the terms and conditions, fees and charges and the features and flexibility of your current home loan is a great start. Doing the same thing when looking for a new home loan is the next step. Our Switching Mortgage Calculator can give you an indication of how much you may save. All you need to do is enter all the information as accurately as you can, and our tables will act as a guide. Remember to take your current budgeting into account, and things such as credit card debts. These kind of things can influence whether or not you are successful when you apply for a loan, and how much you can borrow. Saving money in repayments, while being attractive, may not be a long-term solution. When you refinance your existing loan or property, you may add years to the life of the loan. This can mean adding significant amounts of interest, which may offset any savings you make in the short term.

What might prevent you from switching mortgages?

If you’re happy with the home loan you have, happy with the service you are getting and switching to another home loan doesn’t increase your bottom line that much, then it may not make a lot of sense to switch. However, with the modern mortgage market, there are new products and new features almost every day, so it can pay to stay on top of the industry. However, there may be a few things that could prevent you from switching. Maybe your credit rating isn’t as good as it once was, or you’ve missed some repayments on your current mortgages. If your home or investment property has decreased in value or you‘ve over capitalised with renovations, banks or lenders may see a new loan as too big a risk. And if you currently have a fixed rate home loan, the settlement fees may be too high and outweigh any benefit you get from lower repayments.