For existing homeownersReviewed 5 August 2026General education
Start with the objective
A lower repayment, faster principal reduction, flexibility, debt consolidation, and access to equity are different goals. The calculation should follow the goal.
Count more than the advertised rate
Break costs, cashback clawbacks, legal fees, valuation costs, account fees, loan structure, and the period being compared can change the result.
Review the whole structure
Fixed-term splits, revolving credit, offsets, interest-only periods, and repayment frequency affect flexibility and total cost differently.
Do not assume switching is automatically better
A mathematical comparison is a starting point. Product suitability, lender criteria, and personal circumstances require authorised advice.
Evidence categories to organise
- Current balances and fixed-term dates
- Current cashback terms
- Estimated break costs
- New-lending costs
- Repayment and structure comparison
- Reason for changing
This guide does not account for your full circumstances and is not financial advice, a lending assessment, approval, or offer.