What is the product transfer option versus a full remortgage?

A product transfer stays with your current lender onto a new rate: it avoids legal work, valuation and affordability re-checks but only gives access to that lenders own deals. A full remortgage to a new lender requires underwriting but opens the whole market, so comparing both before the deal ends is standard practice.

How far in advance can I lock in a new mortgage rate?

Most lenders allow a new rate to be secured up to 6 months before your existing deal ends, and you can switch to a cheaper product offered by the same lender during that window if rates fall. This protects against rate rises while leaving downside flexibility.

Refinancing Calculator Australia

Useful next calculations

Use the Mortgage CalculatorContinue with the related finance & mortgages question this result raises.
Use the Early Repayment Savings CalculatorContinue with the related finance & mortgages question this result raises.

When to use this calculator

Before comparing mortgage products, brokers or repayment types.
When you want to test how a different deposit, rate or term changes the payment.
When you need a quick estimate before using a formal illustration or agreement in principle.
When you are stress-testing your budget against a higher rate.

A worked example

These are the example figures the calculator opens with.

A worked example
Input	Value
Current Balance (A$)	A$150,000
Current Rate (%)	6.5%
New Rate (%)	4.5%
Remaining Term (Years)	20 years

For those figures the calculator returns:

Monthly saving: A$169.39
Break-even: 9.00 months
New payment: A$948.97

Method & assumptions

This calculator estimates your potential savings from switching to a new mortgage deal by comparing the total interest payable under your current rate against a proposed new rate. It takes into account your outstanding balance, remaining term, and the one-off costs of switching — including arrangement fees and early repayment charges. The monthly payment figures are based on a standard capital repayment formula, and the break-even calculation divides total switching costs by the monthly saving. This assumes both mortgages run to the same end date. It does not account for changes in property value, future rate movements on variable products, or any changes in your personal circumstances that might affect eligibility. Always obtain a formal mortgage illustration from a regulated adviser before proceeding.

Common mistakes

Mixing up loan amount and property value, which distorts affordability and LTV.
Using a headline rate but forgetting fees, insurance or repayment type.
Testing only one term length instead of comparing payment and total cost together.
Treating the result as a lender decision rather than a planning estimate.

What to do next

Run a second scenario with a cautious assumption so you can see the downside clearly.
Compare the result with the related calculators below before making a decision.
Check current local rules, eligibility and provider terms before applying or committing money.
Keep a record of the assumptions so you can update the estimate when a quote, bill or pay figure changes.

Questions people ask

An ERC is a penalty for leaving a fixed or tracker mortgage before the product end date. It is usually 1-5% of the outstanding balance, tapering down each year. Most financial regulator-regulated lenders allow up to 10% of the balance to be overpaid per year penalty-free.