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

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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.

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Aussie can save you time and effort by helping you research, organise and apply for your home loan. They compare thousands of home loans to help find the right deal for you. Fill out the form on the left and an Aussie Mortgage Broker will meet you at a time of your choosing to discuss your needs and help you find the right home loan.

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Use the refinancing calculator and compare loans below

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% p.a.
Offset account
Split account
Loan type
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Interest Rate (p.a.) Comp Rate^ (p.a.) Rates (p.a) Application Fee Ongoing Fees Maximum LVR Amount Saved
Newcastle Permanent Building Society Fixed Rate Home Loan - 2 Year Fixed (Owner Occupier Special Rate, P&I)
A limited time 2 year fixed rate for owner occupiers. Conditions apply.
3.64% 4.83% Interest rate:
3.64%


Comp rate:
4.83%
$0 $0 p.a. 95% Go to site More info
loans.com.au Essentials - Variable (Owner Occupier, P&I)
A low-interest rate loan suited for purchases and refinances with no application or ongoing fees.
3.64% 3.66% Interest rate:
3.64%


Comp rate:
3.66%
$0 $0 p.a. 80% Go to site More info
Greater Bank Ultimate Home Loan - Discounted 1 Year Fixed LVR ≤85% ($150K+ Owner Occupier)
Discount off an already competitive interest rate for loans over $150k. NSW, QLD and ACT residents only.
3.59% 4.48% Interest rate:
3.59%


Comp rate:
4.48%
$0 $375 p.a. 85% Go to site More info
3.69% 3.72% Interest rate:
3.69%


Comp rate:
3.72%
$0 $0 p.a. 80% Go to site More info
loans.com.au Offset Variable - Up to 80% LVR (Owner Occupier P&I)
Take advantage a 100% offset account along with no annual or application fee.
3.72% 3.74% Interest rate:
3.72%


Comp rate:
3.74%
$0 $0 p.a. 80% Go to site More info
IMB Budget Home Loan - Special LVR <=80% (Owner Occupier and Principal & Interest only)
A special limited time offer for owner occupiers. An IMB Transaction Account must be opened with this loan.
3.84% 3.89% Interest rate:
3.84%


Comp rate:
3.89%
$445 $0 p.a. 80% Go to site More info
Aussie Optimizer Variable Rate - LVR <= 80% (Owner Occupier + P&I)
No application or ongoing fees and fee free extra repayments.
3.86% 3.87% Interest rate:
3.86%


Comp rate:
3.87%
$0 $0 p.a. 80% Enquire now More info
Beyond Bank Low Rate Special Home Loan
A special low variable rate for owner occupiers with 100% offset account and no application or ongoing fees.
3.83% 3.83% Interest rate:
3.83%


Comp rate:
3.83%
$0 $0 p.a. 70% Go to site More info
Newcastle Permanent Building Society Premium Plus Package Home Loan - New Customer Offer ($150,000+ Owner Occupier, P&I)
Apply for a new owner occupier loan or refinance from another lender and receive this discounted rate.
3.84% 4.22% Interest rate:
3.84%


Comp rate:
4.22%
$0 $395 p.a. 90% 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.
3.85% 3.90% Interest rate:
3.85%


Comp rate:
3.90%
$0 $0 p.a. 90% Go to site More info
State Custodians Low Rate LOC - LVR up to 80% (Owner Occupier)
No application fee and competitive interest rate to access the equity in your home.
3.69% 3.72% Interest rate:
3.69%


Comp rate:
3.72%
$0 $0 p.a. 80% Go to site More info
3.74% 3.74% Interest rate:
3.74%


Comp rate:
3.74%
$0 $0 p.a. 80% Go to site More info
3.59% 4.03% Interest rate:
3.59%


Comp rate:
4.03%
$500 $0 p.a. 95% Go to site More info
Community First Fixed Home Loan - 3 Years Fixed Owner Occupier special offer (New Loans only)
A limited time fixed rate special with no monthly or annual fees plus a 100% offset account.
3.69% 4.93% Interest rate:
3.69%


Comp rate:
4.93%
$600 $0 p.a. 80% 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.
3.84% 4.71% Interest rate:
3.84%


Comp rate:
4.71%
$600 $0 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% Interest rate:
3.79%


Comp rate:
3.82%
$600 $0 p.a. 80% Go to site More info
IMB Budget Home Loan - LVR <=90% (Owner Occupier)
A competitive budget rate without any unwanted bells and whistles.
3.97% 4.02% Interest rate:
3.97%


Comp rate:
4.02%
$445 $0 p.a. 90% Go to site More info
State Custodians Low Rate LOC - LVR 80% to 90% (Owner Occupier)
Borrow up to 90% property value and pay no application fee.
3.79% 3.82% Interest rate:
3.79%


Comp rate:
3.82%
$0 $0 p.a. 80% Go to site More info
Greater Bank Great Rate Discount Variable with Family Pledge Home Loan - Up to 110% LVR
Discounted rate available with family pledge loans. Family pledge loans require no LMI and no deposit. NSW, Qld and ACT only.
3.89% 3.89% Interest rate:
3.89%


Comp rate:
3.89%
$0 $0 p.a. 110% Go to site More info
SCU Basic Variable Rate Home Loan
A basic home loan with a low interest rate and a redraw facility available. Take out a new SCU loan and enjoy $500 cash back on loans above $150k, terms and conditions apply.
3.77% 3.81% Interest rate:
3.77%


Comp rate:
3.81%
$200 $0 p.a. 80% Go to site More info
Bank Of Queensland Economy Home Loan - Variable (Owner Occupier)
A basic home loan with additional repayment options.
3.89% 4.04% Interest rate:
3.89%


Comp rate:
4.04%
$300 $10 monthly ($120 p.a.) 80% Go to site More info
QT Mutual Bank Mortgage Saver Home Loan
A low rate home loan with no application or ongoing fees. Note that to be eligible for this loan you must be QLD resident.
3.95% 3.95% Interest rate:
3.95%


Comp rate:
3.95%
$0 $0 p.a. 80% Go to site More info
SCU My Life Fixed Rate Home Loan Package - 3 Years
Enjoy the same interest rate for 3 years fixed and borrow up to 95% LVR. Enjoy $500 cash back on new loans above $150k, terms and conditions apply.
3.69% 4.00% Interest rate:
3.69%


Comp rate:
4.00%
$0 $350 p.a. 95% Go to site More info
NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier)
A fixed rate package loan with flexible repayments options. NAB Rewards Points offer available, terms and conditions apply.
3.88% 4.95% Interest rate:
3.88%


Comp rate:
4.95%
$0 $395 p.a. 95% Go to site More info
CUA Fresh Start Basic Variable Home Loan - Owner Occupier
A basic mortgage with flexible repayments options.
3.99% 4.04% Interest rate:
3.99%


Comp rate:
4.04%
$600 $0 p.a. 90% Go to site More info
Heritage Bank Discount Variable Home Loan - Special Rate Offer (Owner Occupier) New Customers Only
A great interest rate home loan offer with unlimited redraw and unlimited extra payments.
3.99% 4.04% Interest rate:
3.99%


Comp rate:
4.04%
$600 $0 p.a. 90% Go to site More info
loans.com.au Essentials - Smart Loan Package P&I
This competitive rate is only available if you package your investment loan with your owner occupier loan.
3.64% 3.66% Interest rate:
3.64%


Comp rate:
3.66%
$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% Interest rate:
3.99%


Comp rate:
4.02%
$600 $0 p.a. 90% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 3 Year Fixed (Owner Occupier Special Rate, P&I)
A limited time fixed rate home loan with extra repayment abilities. Conditions apply.
3.74% 4.74% Interest rate:
3.74%


Comp rate:
4.74%
$0 $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.
3.99% 3.99% Interest rate:
3.99%


Comp rate:
3.99%
$0 $0 p.a. 85% Go to site More info
Bank of Queensland Fixed Rate Home Loan - 3 Year Fixed Rate Discount Rate $150k+ <80% LVR (Owner Occupier, P&I)
Special offer for new lending of $150k or more & under 80% LVR, this offer has been extended.
3.79% 4.44% Interest rate:
3.79%


Comp rate:
4.44%
$300 $10 monthly ($120 p.a.) 80% Go to site More info
4.09% 4.09% Interest rate:
4.09%


Comp rate:
4.09%
$0 $0 p.a. 80% Go to site More info
ME Basic Home Loan - LVR <=80% Owner Occupier
A low variable rate loan with no application or ongoing fees.
4.09% 4.11% Interest rate:
4.09%


Comp rate:
4.11%
$0 $0 p.a. 80% Go to site More info
UBank UHomeLoan - 3 Year Fixed Rate (Investor)
Pay no ongoing fees on this investment loan fixed for 3 years.
4.09% 4.46% Interest rate:
4.09%


Comp rate:
4.46%
$395 $0 p.a. 80% Go to site More info
UBank UHomeLoan Variable Rate - Real Reward Offer (Owner Occupier Interest Only)
A home loan with a competitive variable rate and no bank fees.
4.13% 4.13% Interest rate:
4.13%


Comp rate:
4.13%
$0 $0 p.a. 80% 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. NAB Rewards Points offer available, terms and conditions apply.
4.17% 4.21% Interest rate:
4.17%


Comp rate:
4.21%
$600 $0 p.a. 80% Go to site More info
IMB Essential Home Loan - LVR <=90% (Owner Occupier)
100% offset account, unrestricted additional repayments and no monthly account keeping fees
4.19% 4.19% Interest rate:
4.19%


Comp rate:
4.19%
$0 $0 p.a. 90% Go to site More info
ME 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.
4.19% 4.82% Interest rate:
4.19%


Comp rate:
4.82%
$0 $0 p.a. 80% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 2 Years Fixed (Standard Rate, P&I)
Enjoy a low interest rate and borrow up to 95% (with LMI) of your home value.
4.34% 4.96% Interest rate:
4.34%


Comp rate:
4.96%
$0 $0 p.a. 80% Go to site More info
Newcastle Permanent Building Society Fixed Rate Home Loan - 1 Year Fixed (Standard Rate, P&I)
Get a short term fixed rate for that investment property with no application or ongoing fees.
4.34% 5.02% Interest rate:
4.34%


Comp rate:
5.02%
$0 $0 p.a. 80% Go to site More info
ANZ Simplicity PLUS Home Loan - Special Offer (Owner Occupier, P&I)
Enjoy a home loan with no application fee or ongoing fee.
4.03% 4.07% Interest rate:
4.03%


Comp rate:
4.07%
$0 $0 p.a. 80% Enquire now More info
3.88% 3.89% Interest rate:
3.88%


Comp rate:
3.89%
$600 $0 p.a. 90% Enquire now 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%.
3.88% 3.89% Interest rate:
3.88%


Comp rate:
3.89%
$0 $0 p.a. 80% Enquire now More info
Commonwealth Bank Wealth Package Fixed Home Loan - 2 Year Fixed (Owner Occupier) P&I
A package home loan with fee free extra repayments available during the fixed term.
3.99% 5.01% Interest rate:
3.99%


Comp rate:
5.01%
$0 $395 p.a. 80% Enquire now More info
St.George Fixed Rate Advantage Package -  2 Year Fixed Rate (Owner Occupier, P&I)
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% 5.04% Interest rate:
3.99%


Comp rate:
5.04%
$0 $395 p.a. 80% Enquire now More info
Westpac Fixed Options Home Loan Premier Advantage Package - 2 Years, P&I
A low interest rate home loan and competitive two year fixed rate.
3.88% 4.94% Interest rate:
3.88%


Comp rate:
4.94%
$0 $395 p.a. 80% Enquire now More info
Virgin Reward Me Variable Home Loan - LVR <= 80% ($750k+ Owner Occupier)
A variable rate home loan with competitive interest rate and flexible product features that can earn Velocity points.
3.79% 3.92% Interest rate:
3.79%


Comp rate:
3.92%
$0 $10 monthly ($120 p.a.) 80% Enquire now 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 refinancing 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 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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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.

NAB Choice Package Home Loan - 2 Year Fixed (Owner Occupier)

A fixed rate package loan with flexible repayments options. NAB Rewards Points offer available, terms and conditions apply.

IMB Budget Home Loan - LVR <=90% (Owner Occupier)

A competitive budget rate without any unwanted bells and whistles.

Greater Bank Ultimate Home Loan - Discounted 1 Year Fixed LVR ≤85% ($150K+ Owner Occupier)

Discount off an already competitive interest rate for loans over $150k. NSW, QLD and ACT residents only.

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