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Mortgage Calculator - Compare Repayments & Savings

Home Loan Rates from 3.44%

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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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*Assumptions:

Rates are based on the average of the Big 4 banks' discounted variable rate vs the lowest rate available on the RateCity Switch and Save Sale. Calculations have been made for a $353,700 loan (average national loan size, Feb 2017 ABS Data), with a 70% or below LVR and a 15 year loan term. Calculations include all application fees, discharge fees and ongoing fees, based on an average of the fees from the Big 4 banks and the fees relating to the lowest product in the RateCity Switch and Save Sale. Assumes no additional repayments over the life of the loan.


*How we came up with our estimate:


We looked at the big 4 banks' (ANZ, Commonwealth Bank, NAB and Westpac) current variable loan rates, and produced an average which is 4.52% pa. We assumed an annual fee of $395. We've compared these rates to the lowest rate offered in the Switch and Save Sale.
We've used $353,700 as the home loan amount, which is the average home loan size (based on Feb 2017 figures from the Australian Bureau of Statistics data). We have assumed a 15 year loan term.
We used the ASIC MoneySmart calculator, with the above figures, to come up with the estimate.

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