Compare your rate with the lowest rate lenders publish for your LVR, and see the saving after switching costs
Updated October 2026Built and checked by MaverickHow it's calculatedReport an error
Saving after costs
Large
vs 5.93% lowest published (SCCU)
Monthly savings
$216
$2,560 new repayment
Net lifetime savings
$64,051
after switching costs
Payback time
4 months
to recover switching cost
Same loan amount, same term: only the rate changes. Even a 0.5% drop adds up over the life of the loan.
Switching costs are assumed at $800; check your lender's discharge fee and the new lender's application fees.
Refinancing can save thousands, but only if the saving outweighs the cost of switching. The detector compares your rate with the lowest variable rate any lender publishes for your loan type and LVR, read nightly from every lender's Consumer Data Right feed, then works out the repayment difference, the lifetime interest and how long switching costs take to recover.
As of 7 November 2026, the lowest variable home loan rate is 5.93%, from SCCU's BROKER HOME LOAN, while the typical best across 104 institutions is 6.38%. The lowest 3-year fixed home loan rate is 6.24%, from Credit Union SA's 3-Year Fixed 40 Year Home Loan Package, while the typical best across 80 institutions is 6.69%. The RBA cash rate is 4.85%. Those are for an owner-occupier paying principal and interest at an 80% LVR.
Michael has $380,000 remaining on his loan at 6.8%, property worth $620,000. Suppose the lowest published rate for his LVR is 5.89%.
Potential savings: $2,518/year ($210/month). Over 23 years: $57,110 net of refinance costs, so refinancing comes out ahead.
Sarah is at 6.05% with $450,000 remaining, close to a lowest published rate of, say, 5.89%.
A 0.16% gap is about $533 a year in repayments, so $800 of switching costs would take about 18 months to recover. Asking her current lender to match costs nothing and can come first.