Is your home loan working as hard as it could?
Most people set their home loan up once and then never look at it again. A rate that was sharp three years ago can quietly fall behind the market, and every month you stay on it costs you money. This calculator shows, in plain numbers, what you could save by getting a better rate, paying a little extra, or doing both.
Home loan optimisation calculator
Answer a few quick questions about your loan and a better rate you might get, whether from your own lender or another one, and see in plain numbers what it could mean for you.
Interest and fees you’d save over the life of the loan, compared with doing nothing.
The three levers that move a home loan
There are really only three ways to get ahead on a home loan, and this calculator lets you test all of them.
- A better rate from your current lender. Often your bank will drop you to a sharper rate if you ask, with no switching and no new application.
- A better rate from another lender. Moving your loan can unlock a lower rate again, and the calculator accounts for switching costs and any cashback.
- Extra repayments. Paying a little more each month, on top of your normal repayment, is the fastest way to take years off the loan.
You can see what each lever does on its own, and how much further they go when you combine them.
Reprice or refinance, which saves more?
Your current lender matching a lower rate is the easy win. Nothing to switch and no paperwork. But their best rate is not always the sharpest in the market. Another lender might go lower again, enough that it is worth switching even after discharge, application and valuation fees. Some lenders also pay a cashback that offsets those costs. The calculator puts both side by side, so you can see the real difference after costs rather than guessing.
Why keeping your repayment the same is the trick
When your rate drops, your minimum repayment drops with it. The smart move is to keep paying the old amount. That extra now goes straight to the principal instead of interest, and you finish the loan years early. Choose pay off my loan sooner in the calculator and you will see how much that is worth. If cash flow is tighter, the lower my repayments option does the opposite. It drops you to the smaller repayment and shows how much you would free up each month.
What this calculator can and cannot tell you
The number here is an estimate, not a quote. It uses the figures you enter and a general model of how a loan behaves. It cannot see your credit history, your lender’s exact pricing, break costs on a fixed rate, or an offset balance. All of those can change the result. Think of it as a directional figure. For a precise number, a broker will run your actual loan through real lender pricing and tell you what you could save, with which lender, and at what rate.
What happens next
If you like what you see, the next step is a Free Lending Strategy Session at no cost. We will check your current rate against our panel of more than 40 lenders, tell you what you could realistically save, and handle the legwork if you decide to go ahead. For anyone in the Geelong and Bellarine area, or anywhere in Victoria, it is the fastest way to turn these numbers into real savings.
Other calculators that might help
- Borrowing Power Calculator. Estimate how much you could borrow based on your income and expenses.
- Mortgage Repayment Calculator. See what your repayments would look like at different loan amounts and rates.
- Loan Comparison Tool. Compare two loan scenarios side by side to see the real cost difference.
- Buying and Selling Costs Calculator. Understand the full cost of buying, including stamp duty and fees.
- Home Loan Guide. A practical walkthrough of the home buying process from start to finish.
This calculator provides general estimates only and does not constitute financial advice. Actual savings vary by lender and individual circumstances. Please speak with a licensed mortgage broker before making any decisions about your loan.