Calculators
Refinance savings calculator
Compare your current home loan with a lower rate, net of switching costs. See the monthly saving, the interest saved over the remaining term and how quickly the switch pays for itself.
Your current loan
The new loan
Compare the rate you'd actually get, not the headline advertised one.
Switching costs
Indicative figures are pre-filled; adjust to match your quotes.
Many lenders waive this — we'll tell you which.
Mortgage discharge plus new mortgage registration with your state's titles office.
Estimated monthly saving
$237.97
Refinancing $550,000 from 6.60% to 5.90% over the same 25 years. You'd recover the $1,100 in switching costs in about 5 mths.
Current repayment
Per month at 6.60%
$3,748.08
New repayment
Per month at 5.90%
$3,510.11
Interest saved over the term
Before switching costs
$71,390
Switching costs
Discharge, application and government fees
$1,100
Net saving after costs
$70,290
Break-even
Time for the savings to cover the switching costs
5 mths
Keep paying $3,748 a month instead
Loan paid off 3 yrs 3 mths sooner
$147,578
Email me these resultsPlus a quick note on what a lender would actually do with them.
Balance owing: stay versus switch
- Stay put
- Switch, same term
- Switch, keep old repayment
Under the bonnet
Assumptions & how we calculate
We show our working so you can judge the number, not just read it. Every lender applies its own policy on top of maths like this.
- Both loans have the same balance and the same remaining term, with monthly principal & interest repayments.
- Rates stay the same for the rest of the loan.
- Switching costs are paid upfront, not added to the new loan. Break-even is switching costs divided by the monthly saving, rounded up.
- Default fees are indicative: $350 discharge, $300 application and $450 in government fees. Fixed-rate break costs, cashback offers and annual package fees are not included.
- The 'keep paying' scenario applies your current repayment to the new, lower rate.
The information on this website is general in nature and does not take into account your personal objectives, financial situation or needs. Before acting on any information you should consider whether it is appropriate for you. Terms, conditions, fees, charges and normal lending criteria apply. Rates are subject to change.
FAQs
Questions people ask
How much lower does a rate need to be to make refinancing worthwhile?
It depends on your balance and the switching costs. On larger loans even a small rate cut pays for itself within months. The break-even figure in this calculator tells you how long the savings take to cover the costs.
What costs are involved in refinancing?
Typically a discharge fee from your current lender (often around $350), government fees to discharge and register mortgages, and sometimes an application or settlement fee from the new lender. Fixed-rate loans can also carry break costs, which aren't included here.
Should I keep paying my old repayment after I refinance?
If you can, it's one of the simplest ways to get ahead. The extra goes straight to principal, cutting years and interest off the loan. The results card shows what that would save.
Can I ask my current lender to match the rate instead?
Often, yes. A retention offer avoids switching costs altogether. We regularly run that conversation for clients before recommending a move.
Will refinancing affect my credit score?
A new application adds an enquiry to your credit file, which can have a small, temporary effect. That's why we narrow down lenders first rather than applying to several.
Next step
Numbers looking good? Let's turn them into a pre-approval.
A calculator can't read a payslip or a lender's policy. Sachin can — book a free call and we'll check these numbers against 70+ lenders, then tell you what's actually possible.
Free, no obligation. General information only — not credit advice.