Compare like with like
Use the current outstanding balance and the remaining term when comparing your existing finance with a new offer. If the new offer uses a different term, note that separately: a lower monthly payment can come from extending the repayment period rather than from a lower overall cost.
Check how long any introductory fixed rate lasts and what rate or pricing structure applies afterward. The rate and future payment may change according to the written offer and product terms.
Include settlement and setup costs
Ask your current lender for the outstanding settlement figure and any early settlement charge. Ask the new lender for its current processing, valuation, registration and other applicable charges.
A useful comparison looks at the payment difference and the total expected repayments over a matching period, with one-off costs included. It should also account for the possibility that you will keep the mortgage for a shorter or longer time than planned.
Confirm the terms before deciding
A headline rate is not a complete refinance comparison. Confirm the fixed period, later pricing, term, fees and any conditions in writing. Ask how the lender treats your income, property and existing finance before relying on an estimate.
The buyout calculator can help compare entered scenarios, but it does not confirm eligibility or guarantee savings. The lender’s written offer and settlement figures should guide the final comparison.