Advanced Finance
Refinance Savings Calculator
Compare your current home loan to a new one and calculate monthly savings, break-even, and total savings.
How this calculator works
Calculates monthly repayments for your current and proposed new loan, then compares the difference. Break-even is the number of months for cumulative savings to exceed switching costs. Total savings is the difference in total cost over the remaining loan life.
Keep same term to compare fairly, or extend to lower repayments
Discharge fee, application fee, valuation, legal (typically $700-$3,000)
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FAQ
Frequently asked questions
What are typical refinancing costs in Australia?
Typical costs include: discharge fee from current lender ($150-$400), settlement/legal fee ($200-$500), new lender application fee ($0-$600), property valuation ($0-$400). Many lenders offer cashback ($2,000-$4,000) which can offset these costs.
When is it worth refinancing?
As a rule of thumb, if you can save 0.5% or more on your interest rate, refinancing usually pays off within 6-12 months. The bigger your loan and the larger the rate difference, the faster you break even on switching costs.
Can I refinance a fixed-rate loan?
Yes, but you may face a break cost (sometimes called an economic cost or early termination fee). Break costs can be thousands of dollars, especially if market rates have dropped since you fixed. Ask your lender for a break cost estimate first.
Does refinancing affect my credit score?
Each loan application creates a hard inquiry on your credit file, which may temporarily reduce your score by a small amount. One refinancing inquiry is unlikely to have a significant long-term impact. Multiple applications in a short period can be more damaging.
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