Balance transfer calculator.
The real saving from moving your loan to a cheaper lender, after every switching cost.
What it compares
Your current loan against the same amount and years at the new lender's rate. It then takes off the processing fee (with 18% GST), legal, valuation and stamp costs, and any foreclosure charge, so you see the saving that is actually left.
A quick rule
- The bigger the loan and the more years left, the more a rate gap is worth.
- Look at the break-even: how many months of lower EMIs it takes to recover the switching costs.
- Before switching, show the offer to your own bank. Many banks cut the rate to keep you, with no switching cost at all.
Questions.
How much lower should the new rate be?
There is no fixed number. Use the calculator with your real costs: on a large loan with many years left, even a small gap can pay; on a small or short loan, it may not.
What costs come with a balance transfer?
Usually a processing fee plus GST, legal and valuation charges, and stamp duty or registration that depends on your state. Some older or fixed-rate loans also carry a foreclosure charge.
Can my own bank match the offer?
Often it can. Ask in writing for a cut or a move to the current repo-linked rate. Our free letter for your own bank does this for you.
Want a lower rate?
Ask 23 banks and housing finance companies for a lower rate on the loan you already have, at their branch nearest you. Free, from your own email.