Your fixed loan
Rough numbers are fine — this is a first look, not the bank's figure.
Loan balance
Your current fixed rate
The rate you locked in and are paying now.
Today's rate for the time left
Not sure? Use today's carded rate for a term close to what you have left — e.g. if ~1 year remains, use the 1-year rate. If today's rate is higher than yours, there's usually no break fee.
Months left on the fix
INDICATIVE BREAK FEE
$8,300
Rates have fallen 1.66% since you fixed, with 12 months to run — so there's likely a fee in this ballpark.
READ THIS BEFORE YOU TRUST THE NUMBER
- 01Banks calculate the real fee from wholesale swap rates, not the retail rates here. Your actual fee can be materially higher or lower than this estimate.
- 02Every bank has its own formula. This is a single rough proxy, not any specific bank's method.
- 03Only your bank can give you the binding figure — it's free to ask them for a current break-cost quote.
Is breaking worth it?
Compare the fee against what you'd save at the lower rate over the time remaining, plus any cashback from switching. The refix calculator works out the saving side — if it beats the fee, it's worth getting a real quote.