Take the cheaper one
If one loan is lower on total cost and matches the other on the features you will actually use, the decision is made. Confirm the rate is not an introductory period that reverts to something less appealing.
Tool 07 · Rates & refinancing
Loan comparison
Two loans, side by side, with the fees counted. The advertised rate is one input among several — this puts the whole cost of each into the same units so the comparison is an honest one.
Helps you work out: which loan is genuinely lowest-cost once rates AND fees are counted.
My loan options
| Loan | Repayment | Total Fees | Total Interest | Total Cost |
|---|
General advice warning
The results provided by this calculator are estimates only and should not be taken as personal financial advice. The calculations are based on the assumptions you have entered and do not take into account your personal objectives, financial situation or needs. Before making any financial decisions, we recommend you consult with a qualified financial adviser. Financial Elements PTY LTD (Corporate Credit Representative Number 499510) is an Authorised Corporate Credit Representative of BLSSA Pty Ltd (Australian Credit Licence 391237).
Reading your result
What the gap is telling you
Once fees are included, the cheaper headline rate does not always win. Read the total cost first, then ask what each loan gives you for the difference.
Decide on features
At this margin the structure matters more than the price: a full offset, free redraw, the ability to split, and how easily you can pay extra without penalty. Those are worth real money over a decade.
Check the fine print
Annual package fees, valuation charges and per-split fees add up quietly. A loan with a slightly higher rate and no ongoing fee is often the better buy on a smaller balance.
Method & assumptions
How this calculator works
No. A comparison rate is a standardised figure — lenders normally quote it on a $150,000 loan over 25 years — designed so products can be compared, not to reflect your loan. This calculator uses the amount and term you enter, which is more useful to you and less comparable to advertising.
Anything you will actually pay: application, valuation and settlement fees upfront, then ongoing account or annual package fees. Leave out costs you would pay either way, such as conveyancing and stamp duty.
Not precisely — the fixed loan's cost is known and the variable one's is not. Compare the fixed period against the variable loan at today's rate, then again a percentage point higher, and decide whether the certainty is worth the difference.
It reduces total interest and raises the repayment. Compare loans over the same term, otherwise the comparison is measuring the term rather than the loan.
Rates and fees change constantly and vary by borrower, loan-to-value ratio and channel. Enter the figures from the offers actually in front of you and the comparison stays accurate.
Keep going
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Ready when you are
Two offers on the table?
Send them over. We will tell you which is genuinely cheaper for your balance, and whether there is a third option neither of them is competing with.