Mortgage Calculator - Compare Repayments & Savings - Rates from 3.54%


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Calculate your mortgage repayments and savings when switching your mortgage from the Big 4 banks

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Assumptions | Australian Credit License 316710. *WARNING: This 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. This is an information service. By browsing on the website and/or using our search tools, you are asking RateCity to ...click to read more.provide you with information about products from multiple financial institutions. We will try to show you a range of products in response to your request for information. Offers selected from a range of home loan products in the RateCity database. The results do not include all providers and may not compare all features relevant to you, for further details refer to our FSCG. We are not a credit provider, and in giving you product information we are not making any suggestion or recommendation to you about a particular credit product. If you decide to apply for a product, you will deal directly with a financial institution, and not with RateCity. Rates and product information should be confirmed with the relevant financial institution, and you should review the PDS before you decide to purchase. See our terms of use for further details. All numbers are estimates. Check exact details of offers before applying for a loan. Stamp Duty calculations are an approximation and should be verified on the relevant government website. Certain states have conditions for some buyer types and loan amounts that have not been factored into calculations. This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.

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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.

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