Mortgage Calculator

Mortgage Switching Calculator

Have you been wondering if your current home loan is still the best option for you financially? Using this mortgage switching calculator, you can quickly see whether it is best for you to:

  1. Stay with your current home loan
  2. Switch to a new finance option and make the minimum payment
  3. Switch to a new mortgage and make the same or higher repayments

How to Use the Mortgage Switching Calculator

This calculator works best when you have the details of another mortgage plan in mind.

Simply enter the details of your current mortgage.  Then add the details for the new home loan package you are considering.  From these details, our system will provide you with a guide for the 3 scenarios mentioned above.

Important notice: All computations are for illustrative purposes and do not constitute advice or a guarantee of a loan approval.

7 Key Factors to Consider About Switching Mortgages

While the information you find above can be very interesting, we like to remind you that it is only a guide and doesn’t take into consideration all that’s involved in switching your mortgage.  Plus, with our desire to empower you through property education, we want you to consider the following key factors:

  1. Interest Rates: Comparing the interest rates of your current mortgage and the new one you have in mind is helpful. However, by chatting to a mortgage broker with access to over 40 lenders, a lower rate can save you a lot of money over time.
  2. Fees and Costs: It’s important to evaluate any fees associated with switching.  This could be exit fees, application fees, and legal costs. If you are keen on switching, be sure that the overall savings outweigh these expenses.
  3. Loan Term: Consider the remaining term of your existing mortgage. If you switch to a longer or shorter term, it affects your repayment schedule.
  4. Loan Features: Assess features like offset accounts, redraw facilities, and flexibility. Some loans offer better features than others.
  5. Lender Reputation: Research the reputation and customer service of the new lender. A reliable lender is crucial for a smooth transition.
  6. Loan Amount: Calculate the total loan amount after switching. It includes any additional funds you may need.
  7. Financial Goals: Be sure to align your mortgage switch with your financial goals. Are you aiming for lower payments, faster payoff, or investment opportunities?

Remember, consulting with an MFAA mortgage broker ensures personalised advice that is tailored to your situation.

Explore your options now

The Property Education Company can empower you with the knowledge to make informed decisions.

Mortgage Switching Calculator

Disclaimer

This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs.  We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product.  It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.