What would refixing actually save you?
Your saving, netted against what moving really costs — break fee, legal, cash contribution and clawback. It'll tell you to stay put when that's the right answer.
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$7,623 a year, before the cost of moving is netted off
Your own numbers will differ — that's what the tool below is for.
Is moving your loan actually worth it?
The saving is the easy half. This nets it against what moving really costs — break fee, legal and discharge, the new lender's cash contribution, and any cashback your current bank would claw back.
Refixing questions we get every week.
Do I have to change banks to get a better rate?
Usually not. Most refixes are negotiated with the lender you're already with — no legal fees, no break fee, no clawback. Knowing what the other eleven would offer is what makes that negotiation work.
How is a break fee calculated?
On the difference between your rate and the lender's current wholesale rate for the time left on your term. It depends on their funding position the day you ask, which is why only they can quote it — anyone who gives you a firm number without calling the bank is guessing.
Is a big cash contribution always a good deal?
No. Contributions carry a clawback — leave within three or four years and you repay part of it. A slightly smaller contribution with a better rate usually wins over the term, and the tool above will show you which.
When should I start?
About eight weeks before your term ends. Rates can be held in advance, so starting early costs nothing and occasionally saves a lot.
We'll make the call you'd rather not.
Most people never ask their bank for a better rate. We ask all twelve, then negotiate with the one you're already with.
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