refinance calculator

Find out how much you could save with a home loan refinancing calculator

Remove the guesswork of refinancing and know how much better off you'll be.

If you already have a home loan and you've been comparing other mortgage options online, you probably have an idea of the potential savings you could make from refinancing.

However, when you're considering whether or not to refinance your mortgage it's important to understand how much you can save and then weigh it up with how much you will have to pay to switch.

Use the below home loan refinancing calculator to estimate how much you could save and to help you decide whether refinancing your mortgage is worth it.

Use the refinancing calculator and compare loans below

Rates last updated June 17th, 2019
$
% p.a.
Offset account
Split account
Loan type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Maximum Insured LVR Amount Saved Short Description
3.34%
3.30%
$0
$0 p.a.
80%
Low variable rate mortgage for owner occupiers looking to switch. Refinancers only.
3.59%
3.59%
$0
$0 p.a.
80%
Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees. UBank will cut its variable rates for new and existing customers on June 28, making this rate even lower.
3.44%
3.44%
$0
$0 p.a.
70%
A simple mortgage with no application or ongoing fees that has extra repayments plus split and redraw options. Requires a 30% deposit.
2.99%
4.09%
$395
$0 p.a.
80%
A one year fixed rate offer with no ongoing bank fees.
3.44%
3.48%
$0
$10 monthly ($120 p.a.)
80%
Get a competitive variable rate and a 100% offset account.
3.73%
4.76%
$0
$0 p.a.
80%
Pay no application fees and access a fee-free redraw facility with this fixed rate loan.
3.24%
3.88%
$395
$0 p.a.
80%
A competitive fixed interest rate product with no ongoing bank fees.
3.49%
3.49%
$0
$10 monthly ($120 p.a.)
95%
Lock in a competitive rate for three years while you pay off your home. 100% offset account attached.
3.74%
4.31%
$0
$395 p.a.
80%
Lock in a competitive rate for owner occupiers for two years. Extra repayments up to $30,000 over the life of the fixed period can be made.
3.65%
3.66%
$500 (if over 80% LVR)
$0 p.a.
80%
A competitive variable mortgage for home buyers. This loan has flexible repayments and an optional redraw facility.
3.79%
4.22%
$0
$395 p.a.
80%
Unlock a range of savings with this competitive package home loan offer. Offset account and redraw facility included.
3.79%
3.80%
$0
$0 p.a.
70%
A competitive, discounted variable interest rate for home buyers.
3.59%
3.47%
$0
$0 p.a.
70%
Get a low fixed rate for 2 years to minimise interest costs. Requires a 30% deposit.
3.57%
3.61%
$0
$0 p.a.
95%
A simplified mortgage with a low interest rate and a redraw facility. Approval fee waived for a limited time.
3.97%
3.99%
$0
$0 p.a.
80%
This variable rate loan keeps the features simple and fees low. This loan is offered by a 100% online lender.
3.44%
3.70%
$0
$248 p.a.
70%
Borrowers with a 30% deposit can get this competitive rate. Cut down on interest costs with a 100% offset account.
3.89%
4.90%
$0
$0 p.a.
80%
Get a low fixed rate and pay no application or ongoing fees.
3.39%
3.92%
$395
$0 p.a.
80%
A competitive 3 year fixed rate with no ongoing bank fees.
3.54%
3.54%
$0
$0 p.a.
80%
Low fee loan with extra repayments. Pay no application and ongoing fees and take advantage of split and redraw options.
3.39%
4.41%
$300
$10 monthly ($120 p.a.)
90%
A low fixed rate loan that lets you borrow up to 90% of your property's value.
3.39%
4.12%
$395
$0 p.a.
80%
A one year fixed rate offer with no ongoing bank fees.
3.54%
3.80%
$0
$248 p.a.
80%
Has a 100% offset account which helps you save on the amount of interest you pay on your mortgage.
3.79%
4.60%
$395
$0 p.a.
80%
Investors can enjoy flexible repayments and an easy application process with this pioneering online lender.

Compare up to 4 providers

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About interest rates and loans available for refinancing.

What does the refinancing calculator do?

The home loan refinancing calculator gives you an indication of the amount of money saved over the life of the loan by switching to a new loan listed in the comparison table.

When you enter your existing loan amount, current interest rate and loan term, you will be given an estimate of what you could save by switching.

The table is useful because it can also help you identify products that would not lead to cost savings, which can help you with your comparison. Any products that would not lead to cost savings will be highlighted in red under 'amount saved.'

If you're thinking of refinancing to a fixed rate loan, remember that the table only considers the term of the fixed rate (e.g. two years) and cannot consider the savings that may be achieved once this term expires, or when you take out another loan.

Discharge fees and break costs may be charged when exiting your current loan, so make sure you check this with your existing lender to ensure that the costs will not outweigh the savings.

Lenders will also take into account your other debts, assets, income and savings when they are determining how much risk they are taking on by lending to you, so keep this in mind when comparing your refinance home loan options.

How does refinancing work?

People choose to refinance their mortgage to take advantage of a lender offering a better deal. Switching your mortgage could result in lower fees, a lower interest rate or better features. It's important to stay up to date with loans on the market to see if you could be getting a better deal.

Although refinancing to a new leader can lead to cost savings, there are some costs of switching which you should be aware of. For example, you may need to pay exit fees and in some cases these can cost up to tens of thousands of dollars, especially if you are breaking a fixed interest rate term.

When you settle your new loan you may need to pay application fees, appraisal or valuation fees and some administrative fees (however, the calculator takes these into account).

Refinancing your mortgage is also important in regards to your credit file because any loan applications will appear on it. Remember to do your research and compare your options if you are looking to refinance so you can minimise the possibility of having to make multiple loan applications, which will appear on your credit file.

Things to consider before you refinance

If you are looking at refinancing as a 'quick fix' solution, then you may want to consider a different approach. Refinancing will really only help you in the long term because of all of the upfront costs you have to pay when switching and also because it may take time for your savings to be realised. Home loans are a long-term commitment, and any decision regarding your mortgage needs to be made with that in mind.

If you have a variable rate home loan and are feeling overwhelmed with interest rate changes, you may want to speak to your lender and see if you qualify for any interest rate discounts, or see if they will do a better deal for you to keep you from switching.

Reasons for refinancing

Refinancing to consolidate debts

If you are considering refinancing your loan in order to consolidate your debts you might want to first calculate the combined amount of debts that you want to consolidate. You then need to include this amount in the cost of your new loan. By calculating the combined monthly repayments of all your existing debts and then calculating monthly repayments of your refinanced home loan you will be able to see if consolidating your debts will be worth it in the long run.

Refinancing to pay for renovations or a holiday

You can refinance your mortgage to access the equity in your home if you need money to undertake renovations on your property, or even take a holiday. To determine the amount of equity you have in your home you need to take the value of your property and then minus the difference of what you still owe. This is the dollar amount of the portion of the property that you own.

Keep in mind you will not usually be able to access the full amount of equity you have, but will usually be allowed around 80%. This is to protect the lender in case you default on the loan. After you calculate how much equity you can access you then need to decide whether to receive those funds as a lump sum or a line of credit that you can access gradually. A line of credit is especially suited to renovations as it can help with budgeting.

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