We get it, interest rates are boring. But the banks rely on your complacency, because they're the ones that profit when you don't challenge your home loan rate. So, ask the questions. Own your home loan.
If you’re among the 85% of Australian’s who don’t know their home loan rate, use the Big Four average of 5.25%.
Yippee! you can save
This calculator is a guide only, and gives you an estimate of how much interest you could save by refinancing with Tic:Toc, based on the Tic:Toc loan type selected for comparison, the loan amount you entered and an assumed loan term of 30 years. You’ll get a real assessment when you begin an application, and enter the specifics of the property, your loan type (including whether or not you select an offset account), personal details and your financials.
We estimate how much you could save in principal and interest repayments periodically if you were to refinance from your current rate, to the rate for the Tic:Toc home loan you select, over a 30 year loan term. The interest savings amount will be higher initially and then reduce as your principal loan amount reduces.
We assume that the monthly savings made from refinancing with Tic:Toc (as explained above) are paid back into the loan at the end of each repayment period, and that both rates (your existing home loan rate and the new Tic:Toc home loan rate, even if it’s fixed) will not change over the 30 year loan term.
We estimate how much sooner your new Tic:Toc loan could be paid off compared to your existing loan (assuming you’re making principal and interest repayments), based on the loan amount and rate you provided, and assuming you pay your monthly saving (as explained above) back into your loan at the end of each repayment period, and that you would have continued to make only the required repayments had you not refinanced with Tic:Toc. We assume both rates (your existing home loan rate and the new Tic:Toc home loan rate, even if it’s fixed) will not change over the 30 year loan term.
They’re current as of 28 September 2018; available to all home loans approved on or after this date, and they can change.
We relentlessly review our rates to make sure we stay competitive and offer more Australians a better deal on their home loan.
How do we work out our comparison rate?
We work out our comparison rates based on a $150,000 loan over 25 years.
For fixed loans, the loan switches to a variable principal and interest rate at the end of the fixed term.
For our live-in 1 & 2 year fixed loans, the loan switches to our variable principal and interest rate of 3.64% p.a.. For all our other fixed loans and our variable interest only loans, the loan switches to our roll-to variable principal and interest rate of 3.80% p.a. (live-in) and 3.91% p.a. (investment) at the end of the fixed term or interest only period. If the interest only period is not specified, the comparison rate is calculated on a one year period.
The comparison rates also factor in our fees associated with applying for the loan (none), our fees associated with having the loan (none) and our fees associated with leaving the loan (a $325 discharge fee).
What about for a different loan?
If the loan has a different term or additional features, such as an offset account, the comparison rate would be different because we charge $10 a month for this feature. Or to say that in the way we’re legally obligated to (the aggressive way): WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
But no need to speculate. Test out what your rate will be based on your own situation and the loan you want.