Home Loans Australia Home Loan Refinance Calculator

Our Home Loan Refinance Calculator helps you compare your current mortgage with a proposed refinance to estimate repayment changes, interest cost differences, break-even timing, and the potential benefit or cost of switching. It is important because refinancing can reduce repayments or total interest, but it can also increase costs if fees, break costs, a longer term, or extra borrowing outweigh the savings.

How to complete the calculator for the best result

1. Your existing home loan: Enter your current home loan balance, current interest rate, and remaining term in years and extra months. Choose your repayment frequency (monthly, fortnightly, weekly). If you know your current regular repayment, enter it; otherwise leave it blank so the calculator estimates it from your balance, rate and term. Add any extra repayment you currently make per period, your current monthly loan or package fee, and your estimated discharge, exit, settlement or fixed-rate break fee.

2. Proposed refinance option: Enter the new interest rate, select the new loan type (variable, fixed, split, introductory), and set the new loan term (years and extra months). Add any planned extra repayments and the new monthly loan or package fee.

3. Switching costs and adjustments: Add application, settlement, legal, valuation, lender, and government or registration fees. Enter any cashback or refinance incentive (as a positive amount). If you plan to borrow extra or release equity, enter the additional amount. If you will pay some costs upfront from savings instead of adding them to the new loan, enter that portion under costs paid upfront.

4. Calculate and review: Select your primary reason for refinancing and calculate the outcome.

How to interpret the results

1. Repayment difference shows the estimated change in your minimum repayment based on your inputs and frequency.

2. Total saving or additional cost and interest saving or increase compare overall cost and interest between scenarios, factoring in fees and incentives.

3. Break-even timing estimates when cumulative savings may offset the net switching cost after incentives. Earlier break-even generally improves the case for refinancing, but it is not guaranteed.

4. Charts and the detailed table act like a comparison amortisation schedule, showing estimated loan balance, cumulative interest, total cost, and cumulative difference over time.

General information only, not personal advice. Real outcomes depend on lender approval, valuation, rate changes, fees (including break costs), and your circumstances. Consider getting independent advice before acting.