How to use our refinance calculator
Here are the details you’ll need to enter about your existing and refinance home loan.
1
Current interest rate
The interest rate you’re currently paying on your existing home loan.
2
New interest rate
The interest rate on the home loan you’re refinancing to.
3
Repayment type
Whether you’re making principal and interest or interest-only repayments.
4
Current loan balance
The outstanding amount on your existing home loan.
5
Loan term remaining
The number of years remaining on your current home loan. (Keep in mind that some lenders may default your loan back to 30 years unless you ask them to calibrate the loan to your preferred term or match the remaining time on your existing loan.)
Once you’ve entered these details, our refinance calculator will give you an estimate of your new home loan repayments and how it compares to your current mortgage. You can choose to see weekly, fortnightly or monthly repayments.
How do you calculate if it’s worth refinancing?
Use the calculator on this page to see if refinancing your home loan is worth it. It will show you how your new mortgage repayments compare to your current home loan and how much you could save.
The interest rate will usually have the biggest impact on whether you’ll stand to benefit by switching loans, but there are other factors like the home loan fees that will contribute to your refinancing costs. These include exit fees, otherwise known as ‘break costs’, as well as other costs like establishment and valuation fees.
Be sure to check the fine print (of both your current and new loan) or speak to a mortgage broker if you’re unsure which fees may apply to your situation.
An example of how much you can save by refinancing
This table shows how much your repayments could potentially change by refinancing to a new home loan.
Current home loan - 6.50% interest rate | |
Home loan amount | $400,000 |
Estimated monthly repayments | $2,588 |
Estimated monthly savings | ❌ |
New home loan - 6.00% interest rate | |
Home loan amount | $400,000 |
Estimated monthly repayments | $2,461 |
Estimated monthly savings | $127 |
Current home loan - 6.50% interest rate | |
Home loan amount | $600,000 |
Estimated monthly repayments | $3,882 |
Estimated monthly savings | ❌ |
New home loan - 6.00% interest rate | |
Home loan amount | $600,000 |
Estimated monthly repayments | $3.691 |
Estimated monthly savings | $191 |
Current home loan - 6.50% interest rate | |
Home loan amount | $800,000 |
Estimated monthly repayments | $5,176 |
Estimated monthly savings | ❌ |
New home loan - 6.00% interest rate | |
Home loan amount | $800,000 |
Estimated monthly repayments | $4,921 |
Estimated monthly savings | $255 |
Current home loan - 6.50% interest rate | |
Home loan amount | $1,000,000 |
Estimated monthly repayments | $6,470 |
Estimated monthly savings | ❌ |
New home loan - 6.00% interest rate | |
Home loan amount | $1,000,000 |
Estimated monthly repayments | $6,151 |
Estimated monthly savings | $319 |
| Home loan amount | Estimated monthly repayments | Estimated monthly savings | |
|---|---|---|---|
Current home loan - 6.50% interest rate | $400,000 | $2,588 | ❌ |
New home loan - 6.00% interest rate | $400,000 | $2,461 | $127 |
Current home loan - 6.50% interest rate | $600,000 | $3,882 | ❌ |
New home loan - 6.00% interest rate | $600,000 | $3.691 | $191 |
Current home loan - 6.50% interest rate | $800,000 | $5,176 | ❌ |
New home loan - 6.00% interest rate | $800,000 | $4,921 | $255 |
Current home loan - 6.50% interest rate | $1,000,000 | $6,470 | ❌ |
New home loan - 6.00% interest rate | $1,000,000 | $6,151 | $319 |
