Loan Comparison Calculator

Comparing home loans on the advertised interest rate alone is one of the most expensive mistakes a borrower can make. Two loans with the same headline rate can cost thousands of dollars apart once fees, features and the fine print are taken into account. A proper comparison looks at the total cost over the life of the loan, not just the number on the billboard.

This is where the comparison rate helps. Lenders are required to publish a comparison rate that folds most upfront and ongoing fees into a single figure, giving you a more honest basis for lining up one loan against another. It is not perfect. It is calculated on a standard example loan and cannot capture every fee or benefit, but it is a far better starting point than the advertised rate on its own.

Beyond the rate, the features that matter depend on how you will actually use the loan. An offset account, unlimited extra repayments, a redraw facility and the ability to split between fixed and variable can each be worth more than a small rate difference for the right borrower. Conversely, paying a package fee for features you will never use is simply money lost. The 'cheapest' loan is the one whose total cost, including the value of the features you will genuinely use, is lowest for you.

It also pays to compare like with like on structure: fixed versus variable, principal-and-interest versus interest-only, and the loan term. A fixed rate buys certainty but usually restricts extra repayments and carries break costs; a variable rate offers flexibility but exposes you to rate rises. The right answer is rarely universal. It is specific to your plans, your risk appetite and how long you expect to hold the loan.

Our calculator lets you put two loans side by side and see the repayment and total-cost difference across the term. The output is indicative and only as good as the inputs you provide. For a full comparison across the panel of lenders, including policies and features that no single calculator captures, use our all-in-one calculator and let a Greystone broker do the heavy lifting of finding the genuinely best-value loan for your situation.