Refinance Calculator Australia
See whether refinancing your home loan could save you money. Compare your current repayments and total interest to a new rate and term, including refinance costs and fee differences.
Your current home loan
Your new home loan
Display only – does not affect savings.
Discharge, application, valuation and settlement fees.
Positive if the new loan has higher ongoing fees (e.g. package fee). Negative if lower.
Monthly repayments
Current monthly repayment
$4,164.43
6.8% p.a. over 25 years
New monthly repayment
$3,829.21
5.9% p.a.
Your new rate could save you
Monthly
$335
savings
Yearly
$4,023
savings
Over loan life
$98,065
savings
You could pay off your home loan sooner
If you keep paying $4,164.43/month after refinancing, you could clear your mortgage 4 years sooner.
Full interest comparison
Rates change frequently and lenders offer cashback deals, offset accounts and fee waivers. A mortgage broker can compare dozens of loans and find the best deal for your situation — at no cost to you.
Find a Mortgage Broker →When Does Refinancing Make Sense?
Refinancing can reduce your repayments, shorten your loan term, or both. However, it usually comes with upfront costs and sometimes higher ongoing fees. The key question is whether the interest savings from the new rate outweigh those costs over the time you expect to keep the loan.
This calculator compares your current loan to a new one using a simple like-for-like approach: same starting balance, but different rate and term. It estimates how much interest you still have to pay if you do nothing, and how much interest you'd pay if you switch, then subtracts refinance costs and fee differences to show your net position.
What Information Do I Need?
- Current loan balance (from your latest statement or online banking)
- Current interest rate and remaining loan term
- Potential new interest rate and term (from a lender or broker quote)
- Estimated refinance costs such as discharge, application and valuation fees
- Difference in ongoing annual fees between your current and proposed loan
If you're not sure about your remaining term or exact balance, you can use reasonable estimates to get a feel for the numbers, then refine them with a broker or lender.
Understanding the Results
The summary highlights three key numbers:
Monthly repayment change
How much more or less you'd pay each month after refinancing.
Total interest saved
The difference between interest remaining on your current loan and the interest on the new loan.
Break-even time
How many months of lower repayments it takes to recover your upfront refinance costs.
Tip: If the break-even period is longer than you plan to keep the property or loan, refinancing might not be worth it — even if the interest rate is lower.
Limitations
Principal-and-interest loan with a constant interest rate over the period
No extra repayments or redraws in either scenario
No offset account balance changes
No tax effects — for investment loans, interest may be deductible
Real-world outcomes may differ, especially if rates change, you make extra repayments, or you have an offset account. Use this tool as a guide and confirm details with a mortgage broker or lender.
Important information
This calculator provides general information only and does not constitute personal financial advice. It does not take into account your objectives, financial situation or needs. Consider speaking with a licensed mortgage broker or financial adviser before making refinancing decisions.
ASIC reference: Switching home loans – Moneysmart .
Want personalised refinance advice?
A mortgage broker can compare dozens of loans, negotiate on your behalf and give you a clearer view of the true savings after fees and features. If you spot an error in this calculator or have ideas to improve it, please contact us at [email protected].