Find out how much you’ll actually save with a home loan refinancing calculator

Rates and Fees verified correct on December 7th, 2016

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 December 7th, 2016.

CUA Kick Start Variable Home Loan - 2 Years Introductory (Owner Occupier)

Comparative rate decreases by 0.03%

November 29th, 2016

UBank UHomeLoan Variable Rate - Standard Variable Rate (Investor with Investor Extra Offer P&I)

Comparative rate decreases by 0.10% | Interest rate decreases by 0.10%

December 2nd, 2016

UBank UHomeLoan Variable Rate - Standard Variable Rate Value Offer (Owner Occupier P&I)

Comparative rate increases by 0.10% | Interest rate increases by 0.10%

December 2nd, 2016

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Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Amount Saved
3.74% 3.74% $0 $0 p.a. 80% Go to site More info
HSBC Home Value Loan - Resident Owner Occupier only
Enjoy the low variable rate with $0 ongoing fee and borrow up to 90% LVR.
3.55% 3.57% $0 $0 p.a. 90% Go to site More info
loans.com.au Essentials - Variable Refinancers Only (Owner Occupier, P&I)
A low-interest rate loan suited for refinancing with no application or ongoing fees.
3.59% 3.61% $0 $0 p.a. 80% Go to site More info
Greater Bank Ultimate Home Loan - Discounted 1 Year Fixed ($150K+ Owner Occupier)
Discount off an already competitive interest rate for loans over $150k. NSW, QLD and ACT residents only.
3.59% 4.42% $0 $375 p.a. 85% Go to site More info
ANZ Breakfree Package Home Loan - 2 Year Fixed (Owner Occupier) $150k+
This 2 year fixed ANZ Breakfree Package rate comes with package discount and product bundle. Terms and conditions, package fee and fees, charges & eligibility criteria apply.
3.75% 4.62% $0 $395 p.a. 95% Go to site More info
ClickLoans The Online Home Loan - Owner Occupier ≤ 80% LVR
Enjoy a competitive interest rate when you have a deposit of at least 20%.
3.69% 3.69% $0 $0 p.a. 80% Go to site More info
NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier)
A fixed rate package loan with flexible repayments options. 250,000 Velocity Frequent Flyer point offer, conditions apply.
3.75% 4.87% $0 $395 p.a. 95% Go to site More info
Bank Australia Basic Home Loan - Variable (Owner Occupier)
A competitive variable that allows borrowers to borrow from a minimum of $100,000 and $0 ongoing fee.
3.59% 3.60% $0 $0 p.a. 80% Go to site More info
CUA Kick Start Variable Home Loan - 2 Years Introductory (Owner Occupier)
Borrow up to 90% LVR and enjoy an introductory rate for the first 2 years.
3.69% 3.87% $600 $0 p.a. 90% Go to site More info
State Custodians Standard Variable Spring Special - LVR 80% (Owner Occupier)
Special Owner Occupier Rate. Free Offset Account.
3.59% 3.92% $0 $299 p.a. 80% Go to site More info
Australian Unity Kick Starter Home Loan
$0 ongoing service fees, maximum 80% LVR and a linked transaction account.
3.79% 3.82% $600 $0 p.a. 80% Go to site More info
ME Bank Flexible Home Loan Fixed - 3 Year Fixed Rate (Owner Occupier)
A competitive 3 year fixed rate with a redraw facility and split loan options, plus no application fee.
3.84% 4.66% $0 $0 p.a. 95% Go to site More info
Newcastle Permanent Building Society Premium Plus Package Home Loan - New Customer Offer ($150,000+ Owner Occupier)
Apply for a new owner occupier loan or refinance from another lender and receive this discounted rate.
3.74% 4.12% $0 $395 p.a. 95% Go to site More info
IMB Budget Home Loan - LVR <=90% (Owner Occupier)
A competitive budget rate without any unwanted bells and whistles.
3.87% 3.92% $445 $0 p.a. 90% Go to site More info
Switzer Home Loan
No upfront or ongoing fees and a competitive variable rate for owner occupiers.
3.89% 3.89% $0 $0 p.a. 90% Go to site More info
State Custodians Standard Variable Spring Special - LVR 90% (Owner Occupier)
Special Owner Occupier Rate. Free Offset Account.
3.69% 4.02% $0 $299 p.a. 90% Go to site More info
3.94% 4.33% $0 $395 p.a. 90% Go to site More info
Greater Bank Ultimate Home Loan - Discounted Variable ($150K+ Owner Occupier)
A discounted rate with 100% offset account. NSW, QLD and ACT residents only.
3.89% 4.27% $0 $375 p.a. 85% Go to site More info
Bank Australia Premium Home Loan Package - 2 Year Fixed (Owner Occupier) LVR < 80%
Buy a new home even if you haven't yet sold your existing one with the bankmecu Bridging Loan
3.69% 4.24% $0 $350 p.a. 95% Go to site More info
IMB Accelerator Home Loan  - LVR <=80% $300k+ (Owner Occupier)
A two year discounted rate which reverts to an ongoing life of loan discount afterwards.
3.64% 4.39% $445 $0 p.a. 80% Go to site More info
Greater Bank Great Rate Home Loan - Discounted Variable ($150K+ Owner Occupier)
A competitive rate with redraw facility. NSW, QLD and ACT residents only.
3.89% 3.89% $0 $0 p.a. 85% Go to site More info
ClickLoans The Online Investor Home Loan - LVR <70%
An investment home loan with competitive rate and 100% offset account.
3.79% 3.79% $0 $0 p.a. 70% Go to site More info
Greater Bank Ultimate Home Loan - Discounted 2 Year Fixed ($150K+ Owner Occupier)
Discount off an already competitive 2 year fixed rate for loans over $150k. NSW,QLD and ACT residents only.
3.74% 4.40% $0 $375 p.a. 85% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 2 Years Fixed (Owner Occupier)
Enjoy a low interest rate and borrow up to 95% (with LMI) of your home value.
3.99% 4.81% $0 $0 p.a. 95% Go to site More info
AMP Essential Home Loan  -  Owner Occupier
Take advantage of a redraw facility, competitive variable rate and no application or settlement fees for a limited time.
3.98% 4.00% $350 $0 p.a. 90% Go to site More info
Bank Australia Premium Home Loan Package - LVR<=80% $700k + (Owner Occupier)
Enjoy the discounted interest rate with redraw facility and no ongoing fees.
3.74% 4.09% $0 $350 p.a. 95% Go to site More info
Beyond Bank Low Rate Special Home Loan
A special low variable rate for Owner Occupier with 100% offset account and no application or ongoing fees.
3.73% 3.73% $0 $0 p.a. 70% Go to site More info
Switzer Fixed Rate Home Loans - 2 Years Fixed Rate
A competitive 2 year fixed rate with your very own lending service manager.
3.97% 3.99% $0 $0 p.a. 80% Go to site More info
Australian Unity Health, Wealth and Happiness Package - (Owner Occupier)
Get a 0.60% discount on your rate, a 100% offset account and no ongoing fees.
3.99% 4.02% $600 $0 p.a. 90% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 1 Year Fixed (Owner Occupier)
Get a short term fixed rate for that investment property with no application or ongoing fees.
3.99% 4.90% $0 $0 p.a. 95% Go to site More info
CUA Fixed Rate Home Loan - 2 Year Fixed (Owner Occupier)
A fixed home loan with no ongoing fees and flexible repayments options.
3.69% 4.56% $600 $0 p.a. 95% Go to site More info
3.89% 3.89% $0 $0 p.a. 80% Go to site More info
Switzer Investment Loan
An investment loan with no application or ongoing fees, and your very own lending service manager.
4.09% 4.09% $0 $0 p.a. 80% Go to site More info
IMB Essential Home Loan - LVR < 80% (Owner Occupier)
100% offset account, unrestricted additional repayments and no monthly account keeping fees
4.09% 4.09% $0 $0 p.a. 80% Go to site More info
ME Bank Flexible Home Loan Fixed - 2 Year Fixed Rate (Owner Occupier)
No application or ongoing fees and a competitive 2 year fixed rate.
3.84% 4.75% $0 $0 p.a. 95% Go to site More info
NAB Base Variable Rate Home Loan - Owner Occupier (P&I)
A competitive no frills home loan with no application fees for a limited time. 250,000 Velocity Frequent Flyer point offer, conditions apply.
4.10% 4.14% $0 $0 p.a. 95% Go to site More info
Commonwealth Bank Wealth Package Fixed Home Loan - 2 Year Fixed (Owner Occupier)
Fee free extra repayments available during the fixed term. $1,250 cash back offer for refinancers. Conditions apply.
3.99% 5.00% $0 $395 p.a. 95% More info
Suncorp Home Package Plus Fixed - 3 Year Fixed Rate (Special Offer $150k+ LVR <=90% Owner Occupier)
Lock in a special offer rate for 3 years for loans over $150k with LVR below 90%.
3.64% 4.26% $0 $375 p.a. 90% More info
St.George Fixed Rate Advantage Package -  2 Year Fixed Rate (Owner Occupier)
A discounted package rate for owner occupiers with the ability to package a Qantas rewards earning Amplify credit card. $1,500 cash back available for refinancers, conditions apply.
3.99% 5.07% $0 $395 p.a. 95% More info
Westpac Fixed Options Home Loan Premier Advantage Package - 2 Years
A low interest rate home loan and competitive two year fixed rate.
3.99% 4.97% $0 $395 p.a. 95% More info
St.George Basic Home Loan - Promotional Rate (Owner Occupier, P&I)
A no frills loan with a competitive rate and a maximum LVR of 95%.
4.08% 4.09% $0 $0 p.a. 95% More info
Westpac Flexi First Option Home Loan - 3 Years Introductory Special Offer (New Owner Occupier, P&I)
A limited time deal for new owner occupiers. Advertised rate includes 1.03%p.a. discount for the first two years.
3.99% 4.37% $0 $0 p.a. 95% More info

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.

For instance, if you had a current home loan of $500,000 at 4.5% interest and a term of 25 years, you could save up to $50,000 by refinancing to one of the home loans listed in the current table.

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. 2 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.

Loan comparison

When you are trying to determine whether refinancing your mortgage will be worth it, you should be aware of the different interest rates currently on offer from different lenders so you know how much you could be saving.

Use the table above to compare home loans that can be used for refinancing purposes. Simply enter your current loan amount, interest rate and loan term, and then click 'calculate.'

The calculator will estimate the amount that you could save by refinancing to each of the loans that appear in the table. You can view the potential cost savings under 'amount saved' to quickly see whether switching to one of the home loans would benefit you financially.

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 to refinance your loan in order to consolidate your debts you should 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 borrower 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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Related Posts

HSBC Home Value Loan - Resident Owner Occupier only

Enjoy the low variable rate with $0 ongoing fee and borrow up to 90% LVR.

ME Bank Basic Home Loan - LVR <=80% Owner Occupier

A low variable rate loan with no application or ongoing fees.

NAB Choice Package Home Loan - 3 Year Fixed (Owner Occupier)

Receive discounts on interest rates with the Choice Package. 250,000 Velocity Frequent Flyer point offer, conditions apply.

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