Calculator
Loan Health Check
See in 30 seconds whether your loan still stacks up, when your fixed rate rolls off, and what a sharper rate could save you. Then have a former banker review it properly.
Figures are illustrative and based on the numbers you enter, using a standard principal and interest amortisation. They are not a loan offer or a guarantee of approval or savings. Actual savings depend on the lender, fees, your circumstances and the rate you are eligible for. The comparison rate is the one you enter, not a rate we are offering.
Get your full review
Send your figures to a former banker who will tell you straight whether moving is worth it, and which lender actually fits your situation. No cost, no obligation.
Want these numbers checked? Send the result across and we'll tell you what a lender would make of it. No meeting required.
What a loan health check actually tells you
Most people only look at their home loan when something forces them to. By then they have usually been paying a lazy rate for years. A quick health check answers three questions: is your rate still competitive, when does your fixed term roll off, and is the saving from switching worth the effort.
The number that matters is not the rate on its own. It is what a sharper rate saves you against the cost and hassle of moving. On a $600,000 loan, a 0.5% reduction is roughly $3,000 a year, and switching costs are usually recovered within a few months. If you want the full list of what switching involves, we have broken down what refinancing actually costs line by line.
If your rate is fixed, the timing is everything
When a fixed term ends, most lenders quietly roll you onto their standard variable rate, which is often one of their highest. The window to act is the few months before that happens. Start early and you can have a new loan ready to settle the day your fixed term ends, rather than drifting onto the revert rate while you sort it out.
Put your expiry date into the tool and it will tell you how long you have. If it is inside six months, it is worth a conversation now.
Then have someone read it properly
A tool gives you a guide. It cannot tell you which lender will approve you, how your income is assessed, or whether your structure still fits your plans. That is the part we do. We came out of the banks, so we know how each lender reads a file and which one is sharpest for your situation right now. Send your figures through and we will give you a straight answer.
Frequently asked questions
How do I know if my home loan rate is still competitive?
Compare what you are paying against what you could move to, then weigh the annual saving against the cost of switching. On a $600,000 loan, a 0.5% reduction is roughly $3,000 a year, and switching costs are usually recovered within a few months. This tool takes your balance, current rate, target rate and years remaining, and returns the saving per year, per month and across the remaining term.
When should I refinance before a fixed rate expires?
Start a few months out. When a fixed term ends, most lenders roll the loan onto their standard variable rate, which is often one of their highest. Beginning early means a new loan can be ready to settle the day the fixed term ends, rather than drifting on the revert rate while paperwork is sorted. Enter your expiry date in the tool and it tells you how long you have. Inside six months is worth acting on now.
Is it worth refinancing for a small rate difference?
It depends on the balance, not the percentage. A small margin on a large loan can be worth more than a big margin on a small one, and the saving has to clear the switching costs before it means anything. The figure that matters is the annual saving against those costs, which is what this tool calculates. Where the answer is marginal, staying put and asking your current lender to reprice is often the better move.
Does refinancing affect your credit file?
An application is recorded on your credit file, and several applications in a short window read poorly to a lender. One considered refinance is normal and expected. The pattern that causes problems is shopping the same deal across multiple lenders at once, which is avoidable when the application goes to the lender whose policy already fits your file.