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Calculate your mortgage repayments and savings when switching your mortgage from the Big 4 banks
Borrowers who have switched to smaller, more competitive lenders are saving hundreds of dollars every month. With rates well under 4 per cent now, there’s no better time to switch. Compare your mortgage rate against the latest deals:
We found a range of home loans that match this criteria
Save by switching
Estimated upfront fees
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Save by switching$55.6ktotal savings
Save by switching$47.4ktotal savings
Save by switching$29.9ktotal savings
Save by switching$68.8ktotal savings
Save by switching$61.9ktotal savings
Save by switching$51.7ktotal savings
Save by switching$49.2ktotal savings
Save by switching$48.7ktotal savings
Save by switching$46.6ktotal savings
Save by switching$47ktotal savings
Do more with a Basic Home Loan
FeaturedBasic Home Loan (LVR < 80%)
The Bank Australia Basic Home Loan offers a competitive interest rate, flexible repayments and no establishment fee which helps make buying your own home easy and affordable.
ACL:238431 Bank Australia terms and conditions
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*How we came up with our estimate?
First, we've looked at major banks' (ANZ, Commonwealth Bank, NAB and Westpac) discounted variable loan rates over the past 10 years, which is published by the Reserve Bank of Australia (RBA). It also publishes the 'mortgage managers' basic variable' rates. We've compared these rates to lowest rates on the market now and 10 years ago, and used it to make a conservative estimate of what the lowest rates on the market would have been.
Then we took a typical home loan over the past decade. We've used $350,000. The average loan size from 10 years ago was more like $250,000, however the typical mortgage holder has upgraded their property since then, so the loan size will be bigger on average. We calculated the repayments on this $350,000 loan for the majors' rate compared to our estimated lowest rate, and added up the difference. The totals surprised even us.
When choosing a lender it's important to look at a range of factors, but make sure you're not paying over the odds. If you haven't looked at you rate in the past year, chances are you're paying too much. Compare rates now and start saving.
*Assumptions: Lowest rates on the market have been estimated based on a range of sources, including RBA and RateCity historical data. The $50 billion figure is based on total loan book for each month, multiplied by the applicable interest rate for that month, divided by 12. Fees are excluded, as are features and benefits. Loan terms are 30 years and assume no additional repayments have been made. Not a guarantee or projection of future savings.