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Refinance Calculator

Use this calculator to assess whether refinancing your home loan is the right decision for you.

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Updated: 25 Nov, 2024
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Refinance Calculator

Refinancing means paying off your existing home loan by taking out a new loan, be it with your current lender or through a different one. If you’re looking for a lower interest rate, it’s logical to assess your current home loan before refinancing, especially with banks offering refinance cashback and waived application fees.

The refinance calculator helps you determine how much money and loan-term time you could potentially save if you switched home loans.

Our expert mortgage brokers can help you refinance your home loan. Call us on 0862430351 or complete our free online assessment form.

How Do I Use The Refinance Calculator?

Our home loan refinance calculator can help you figure out how much you can potentially save by refinancing your mortgage. But before getting started, you need to be clear about what you want from your next home loan.

The benefits of refinancing can include:

Getting a better interest rate to reduce the size of your mortgage
Reducing your monthly repayments
Consolidating debt such as credit cards, car loans or tax debt into one monthly repayment
Getting a competitive interest rate by refinancing to a major lender after fixing past credit issues
Accessing equity to renovate your existing property, to build something, to buy an investment property, to go on a holiday or just to have some cash in the bank

Once you’re clear about your goals, all you need to do is:

Enter your current home loan balance
Enter your current interest rate
Enter your remaining loan term
Enter your repayment frequency – whether you make monthly or fortnightly repayments
Enter your monthly account keeping fee, if applicable
Enter your discharge fee (and exit fee, if applicable)

For the new home loan, all you need to do is enter:

Your introductory term
Your introductory or honeymoon interest rate
The revert rate
The upfront switching fee, if applicable
The ongoing fee, monthly or annual, if applicable

Your results will give you three scenarios:

Scenario 1: Your monthly repayments if you don’t switch
Scenario 2: How much you’ll save, or lose, by switching and making the minimum mortgage repayments
Scenario 3: How much you’ll save by switching but continuing to make the same monthly repayments at the new, lower interest rate
Note that the refinance calculator does not take into account every aspect of your personal life, such as your employment status. That’s why we recommend you call us on 0862430351 or complete our free online assessment form so one of our experts can help you discover whether you’re eligible to refinance your home loan.

Should I Refinance My Home Loan?

Whether or not you should refinance your home loan depends on various factors. Most importantly, you need to be confident that you’ll be getting a better deal than your existing home loan. That’s why it’s important to compare your options properly, with the help of experts, before applying to refinance. You also need to be aware of the pros and cons of refinancing:

Pros

Cons

You can get a better interest rate

You have to pay additional costs associated with refinancing

Your lender might offer you a better deal

Your new home loan might be less flexible

You can switch to a different lender for a better deal

You may have to pay LMI twice

You can benefit from refinancing rebates and cashback

You might get enquiries on your credit file

If you’re unsure about whether refinancing will save you money, Call us on 0862430351 or complete our free online assessment form.

Frequently Asked Questions About Refinancing

How Much Can I Save With Refinancing?

Before moving forward with the refinancing process, you need to confirm that you’ll be saving money with your new home loan, compared with your existing one. Otherwise, you might easily lose money instead, with the associated costs of refinancing.

A home loan application or establishment fee anywhere between $500-$1,000 may apply
Upfront switching fees can range anywhere from $1,000-$2,000
Exit fees were banned by the government but can still be applied if your mortgage has been with the same lender since before 1 July 2011
Exit fees can be applied with the total estimated cost of $350-$395
A final discharge fee, termination fee or settlement fee may be charged by the lender, ranging from $150-$400
The lender will charge you around $400-$500 to perform a professional valuation of your property
Break cost, early termination, deferred establishment or early discharge fees typically apply when you refinance within the fixed-term period and they can be upwards of $400
Stamp duty may apply if you increase your mortgage for cash out or equity release purposes
Lenders Mortgage Insurance applies if your mortgage is for more than 80% of the property value

Other Costs You Need to Consider

Some lenders charge both a monthly and annual account keeping fee of $100 or more a year, particularly if you’re on a professional package with an offset account or you have an investment loan
Some lenders charge $50 or more for each withdrawal from a redraw facility, while others don’t charge any fee
Depending on how much you stand to save by switching to a cheaper interest rate with another lender, it may be worth paying the break cost. Speak to one of our mortgage brokers to calculate your long-term savings from getting a cheaper interest rate today, rather than waiting for your fixed term to end. Try our break costs calculator to get an idea of how much your break costs will be before talking to our mortgage broker. Alternatively, fill in our online enquiry form to discuss your refinancing plans.

A number of major banks and lenders offer refinance rebates and cashback if you move your current mortgage over to them.Note: You usually have to move quickly and specific requirements apply!

Still need answers? We're here to help!

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Our team of mortgage experts will assist you within 24 hours.

Related Topics

Estimate Potential Savings

Calculate how much you could save on your monthly repayments or over the life of the loan by refinancing to a lower interest rate.

Compare Current Loan vs New Loan

Compare your current home loan terms and repayments with the potential new terms after refinancing to understand the financial benefits.

Calculate Refinancing Costs

Understand the costs involved in refinancing, including exit fees, application fees, and any other charges, so you can determine if the savings outweigh the costs.

Assess Loan Term Adjustments

See how refinancing to a different loan term (shorter or longer) could impact your monthly repayments and the overall cost of the loan.

Explore Equity Release Opportunities

Find out if refinancing allows you to access equity in your property for other uses, such as renovations, consolidating debt, or funding investments.

Understand Break Costs

Calculate any break costs if you’re refinancing from a fixed-rate loan, helping you understand any penalties for early repayment.

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