Should I break my fixed home loan?

Does it make sense to break my loan?

With interest rates being as low as they are currently, the question of if I should break my loan comes up a lot. Here Adam explains that even if the cost of breaking a loan may be high, if the benefit of breaking makes sense, it may be the best idea. 

This is how much the new interest rate will save you in interest before the break cost

If you don't know this, contact us below and we'll find out for you

This is the total amount breaking your loan will save you. If it's a positive number then you will have a benefit, if negative then it will cost you more than it saves.


*This calculation is simply based on the figures entered above and does not take in to consideration any other costs of breaking and should not be considered advice on breaking your home loan. Contact us for personal advice from a Registered Financial Adviser on what is the right decision for your circumstances.

We can find out your break fees

We're happy to do the hard work for you and request your break fees from your bank. This way you can weigh up whether it is worth breaking your fixed rate to make the most of the current interest rates or whether you're better to wait until the end of your terms to refix.

Break fees can vary from bank to bank and day to day so even if you'd had your break fees from your bank previously, we can ask again for you. 

Want a full review of your lending?

Your home loan needs to work for you! If it's not, we can have a chat, find out what you are wanting to achieve and get things set up correctly. We can review your current loan and ensure it is still right for you. Some things to consider: 

  • Perhaps you need a revolving credit to pay more lending off more quickly
  • Maybe fixing for a shorter term to give you greater flexibility
  • Should your rental properties be on interest only for better cashflow
  • After a few top ups, have you got too many separate loans in your account?

We can take a look at where you are at and get things sorted out so that you have the structure nd lending that works for you.

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Contact My Mortgage about your break fees

Break fees can vary a lot between banks, from day to day and home loan to home loan. The only way to really know what your break fees may be if you are currently on a fixed term loan and if it is worth breaking you loan and refixing. We can act on your behalf, find out what your break fees would be and do all the maths on what is the best option for you.