Refinance savings calculator.
See roughly what moving to a sharper rate could save on your home loan each month and over five years.
Illustrative estimate only, not a quote or offer. Actual savings depend on your circumstances, the lender and approval.
Is refinancing worth it?
The calculator compares repayments at your current rate with repayments at a sharper rate over a 30-year term. The saving you'd actually get depends on the rate a lender offers you and the costs of switching.
Switching costs usually include a discharge fee from your current lender, government registration fees and, on a fixed rate, possible break costs. We add these up so you can see the net benefit.
When a refinance usually pays off
- Your rate is noticeably higher than what lenders offer new customers with a similar loan.
- Your fixed rate is ending and you're about to roll onto a higher revert rate.
- Your property has grown in value, so a lower loan-to-value ratio could unlock better pricing.
- You want to consolidate higher-interest debts or release equity.
When it might not
If your balance is small, you're close to paying the loan off, break costs are high or you'd pay LMI again, the saving may not cover the cost. See when refinancing is the wrong move.
Watch the term reset
A new loan often defaults to a fresh 30-year term. That lowers the repayment but can mean paying more interest overall. Keeping your repayment the same after refinancing, or matching the new term to your remaining term, locks in the full benefit.
Common questions.
Turn an estimate into a real plan.
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