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 October 16th, 2018
$
% p.a.
Offset account
Split account
Loan type
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Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Maximum Insured LVR Amount Saved Short Description
3.64%
3.66%
$0
$0 p.a.
80%
A simple mortgage with a competitive interest rate and no application or monthly fees. Borrow up to $2 million from a convenient online lender.
3.57%
3.58%
$0
$0 p.a.
80%
Get a very low interest rate and pay fewer fees. Enjoy a fast online application process and add a 100% offset account for $10 a month.
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.
3.64%
3.66%
$0
$0 p.a.
90%
Get a low interest rate loan with no ongoing fees. Plus you can make extra repayments and free redraw online. Available with just a 10% deposit.
3.54%
3.57%
$0
$0 p.a.
80%
A competitive variable interest rate product aimed at refinancers looking to switch to a lower rate.
3.64%
3.64%
$0
$0 p.a.
70%
A basic variable home loan that offers a competitive interest rate with no application fees and no ongoing fees.
3.54%
3.58%
$0
$0 p.a.
80%
Get a competitive rate, save on fees and access a 100% offset account plus redraw facility. $900 cashback offer.
3.64%
3.64%
$0
$0 p.a.
70%
A low interest rate home loan with no application or ongoing fees.
3.75%
3.75%
$0
$0 p.a.
70%
Pay no application or ongoing fees and get a flexible loan with the ability to split up to 6 times.
3.68%
3.82%
$0
$10 monthly ($120 p.a.)
80%
Get double Velocity Frequent Flyer Points with this mortgage to spend on flights and more (for a limited time, subject to eligibility requirements). Redraw facility available on this variable rate home loan. Competitive interest rate.
3.88%
3.89%
$500
$0 p.a.
95%
This variable rate loan offers flexible repayments and a redraw facility. Available with a 5% deposit.
3.79%
3.80%
$0
$0 p.a.
90%
Get one free online redraw per month and pay no ongoing fees. Application fees are waived for loans above $150,000.
3.59%
3.62%
$0
$350 p.a.
90%
Get a low variable interest rate and buy a property with just a 10% deposit. 100% offset account attached.
3.49%
4.57%
$0
$395 p.a.
90%
Loans over $150k get a discount off an already low fixed rate. Available for NSW, QLD and ACT residents only.
3.87%
3.91%
$0
$10 monthly ($120 p.a.)
90%
Get Velocity Frequent Flyer Points at settlement, monthly and every three years, plus the option to make up to $10,000 a year in extra repayments.
3.68%
3.70%
$0
$0 p.a.
80%
A competitive variable rate mortgage for owner occupiers that comes with a no fee debit card with a $5,000 limit.
3.79%
3.79%
$0
$0 p.a.
80%
Access an offset account and pay no application or ongoing fees on this special variable rate for owner-occupiers.
3.64%
3.59%
$0
$0 p.a.
80%
Fast, 100% online application process. Very limited fees. Optional offset account (with fee).
3.74%
4.13%
$0
$349 p.a.
90%
Get a sharp rate plus package discounts and a 100% offset account.
3.69%
4.12%
$0
$395 p.a.
80%
Unlock a range of savings with this competitive package home loan offer. Offset account and redraw facility included.
3.84%
3.85%
$0
$0 p.a.
70%
Keep your LVR at 70% or below and enjoy a special discounted rate. Also, pay no application or ongoing fees.
3.64%
3.78%
$0
$10 monthly ($120 p.a.)
80%
Earn double Velocity Frequent Flyer Points on your mortgage for a limited time (subject to eligibility requirements). Plus, access a 100% offset account to save on interest.
3.79%
3.82%
$0
$0 p.a.
80%
A variable investor mortgage with a high borrowing amount so you can fund a large purchase.
3.74%
3.74%
$0
$0 p.a.
80%
A basic owner-occupier home loan with a low variable rate that requires a 20% deposit.
3.68%
3.70%
$0
$0 p.a.
80%
This loan offers a competitive variable rate and a 100% offset account to help save you on interest repayments.
3.75%
4.00%
$0
$248 p.a.
70%
Borrowers with a 30% deposit can get this competitive rate.
3.70%
3.70%
$0
$0 p.a.
70%
Get a discount for keeping your LVR at 70% or below with this innovative online lender.
3.88%
4.51%
$0
$395 p.a.
90%
Lock in a very competitive 2 year rate and get package discounts on your credit card and offset account. $1,500 cashback available (conditions apply).
3.84%
3.84%
$0
$0 p.a.
80%
Pay no application or ongoing fees and get access to a free redraw facility with this innovative online lender.
3.59%
3.58%
$0
$0 p.a.
80%
Apply online and get fast approval for this fixed rate, low-fee loan with redraw facilities. Add a 100% offset account for a small fee.
3.72%
4.10%
$0
$395 p.a.
80%
New borrowers or refinancers can get a discounted rate with this package loan. Bonus $1,500 cashback for refinancers.
3.62%
3.62%
$0
$0 p.a.
95%
A low deposit mortgage with a competitive rate and plenty of flexibility. QLD residents only. Eligible borrowers can get a 15% discount on home and contents insurance for the life of their loan.
3.72%
3.74%
$0
$0 p.a.
80%
Save on interest by taking advantage of a 100% offset account along with no ongoing fees or application fees.
3.85%
3.85%
$0
$0 p.a.
80%
Pay no application and ongoing fees with Macquarie Bank Basic Home Loan. Split and redraw facilities included.
3.67%
3.69%
$0
$0 p.a.
80%
A great interest rate home loan offer with unlimited redraw and unlimited extra payments.
3.74%
3.74%
$0
$0 p.a.
110%
Pay no deposit or LMI and get a discounted rate with this family pledge loan. Requires a family member to act as guarantor. NSW, Qld and ACT only.
3.69%
4.08%
$0
$349 p.a.
90%
Package your loan with other AMP products and save on rates and fees.
3.71%
3.71%
$0
$0 p.a.
70%
A variable rate home loan that has a lot of flexible features. This loan has a 100% offset account.
4.13%
4.14%
$0
$0 p.a.
90%
Access a fee-free offset account and a special interest rate for investors.
3.89%
3.94%
$0
$0 p.a.
90%
Borrow up to 90% of the value of the property you're buying, and pay no application fee.
3.77%
3.79%
$0
$0 p.a.
90%
Buy your home with just a 10% deposit, few fees and a reasonable interest rate.
3.93%
3.94%
$0
$0 p.a.
80%
A low-fee line of credit loan from an online lender. Unlock the equity in your home and make interest-only repayments with a competitive rate.
3.99%
4.86%
$0
$0 p.a.
80%
Access a fee-free 100% offset account and pay no application or ongoing fees.
3.69%
4.54%
$0
$395 p.a.
90%
A fixed rate loan with a 100% offset account and the option to make additional repayments. Loans over $150k receive a discounted rate. NSW, QLD and ACT residents only.
3.74%
3.74%
$0
$0 p.a.
80%
Pay no application or ongoing fees and get access to a redraw facility and flexible repayment schedule.
3.89%
3.91%
$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.
3.59%
4.14%
$395
$0 p.a.
80%
A one year fixed rate offer with no ongoing bank fees.
3.94%
4.95%
$595
$0 p.a.
90%
Borrow up to 90% of the value of the property you're buying and pay no application or ongoing fees.
4.04%
3.93%
$0
$0 p.a.
80%
Fix your rate for 1 year and make interest-only payments.
3.99%
4.62%
$395
$0 p.a.
80%
Investors can enjoy flexible repayments and an easy application process with this pioneering online lender.
3.89%
4.24%
$0
$0 p.a.
80%
Fix your rate and minimise repayments for 2 years with this interest-only investor mortgage.
4.14%
4.81%
$0
$0 p.a.
80%
Pay no application fees and access a fee-free redraw facility with this fixed rate loan.
3.89%
3.94%
$0
$0 p.a.
80%
Pay no application or ongoing fee and borrow up to 80% LVR.
3.74%
4.01%
$395
$0 p.a.
80%
A competitive 3 year fixed rate with no ongoing bank fees.

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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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Important Information*
UBank UHomeLoan Variable Rate - Discount offer for Owner Occupiers, P&I Borrowing over $200,000

Take advantage of a low-fee mortgage with a special interest rate of just 3.59% p.a. and a 3.59% p.a. comparison rate.

loans.com.au Essentials - Variable (Owner Occupier, P&I)

A competitive interest rate home loan with interest only options. Interest rate 3.64% p.a.
comp rate of 3.66% p.a.

Tic:Toc Live in Loan Variable Rate - Principal & Interest

Get a very low interest rate and pay fewer fees. Enjoy a fast online application process and add a 100% offset account for $10 a month.

HSBC Home Value Loan - (Owner Occupier P&I)

Get a low interest rate loan with no ongoing fees. Plus you can make extra repayments and free redraw online. Available with just a 10% deposit.

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