Refinance Calculator
Mortgage health check: compare staying, negotiating a lower rate with your lender and refinancing — with break-even months, net position after 1 and 5 years, and repayments if rates rise.
Calculate refinance savings
Enter your current and new loan details to compare
Current loan
Your existing loan details
New loan
Proposed refinance details
Default matches remaining term
Refinance costs
Fees to switch lenders
Includes discharge + application/valuation/legal fees. Show detailed breakdown
Break-even in
20
months
Net savings after costs
| Period | Gross savings | Net savings |
|---|---|---|
| 1 year | $745 | -$455 |
| 3 years | $2,235 | $1,035 |
| 5 years | $3,725 | $2,525 |
Rate sensitivity (+/-0.50%)
| New rate | Monthly saving | Break-even |
|---|---|---|
| 5.75% | $215 | 6 months |
| 6.25% | $62 | 20 months |
| 6.75% | -$94 | Never |
Compare your options
Each option uses your current balance and is compared with staying as you are. Net position counts repayments, fees, switching costs and the difference in what you would still owe.
If rates rise
Monthly repayment if the rate on each loan rose by this much from today (same balance and term).
| Rate rise | Stay | Refinance |
|---|---|---|
| +0.25% | $3,439 (+$78) | $3,376 |
| +0.50% | $3,518 (+$158) | $3,455 |
| +1.00% | $3,679 (+$318) | $3,614 |
| +2.00% | $4,009 (+$649) | $3,942 |
Estimates assume constant rates and P&I repayments. Does not include potential tax implications or ongoing fee differences over time.
Get personalised options (no obligation)
A licensed broker can review your numbers and discuss the best options for your situation.
Need to calculate repayments? Use our Home Loan Repayment Calculator to model different loan scenarios with offset accounts and extra repayments.
How this refinance calculator works
Enter your current loan balance, rate and remaining term, then input the new loan's rate and any costs. The calculator compares monthly repayments and shows your break-even period (when savings exceed costs) and net position at 1, 3 and 5 years. Cashback offers reduce your effective upfront costs, potentially shortening break-even significantly.
What refinance costs should I include?
Common Australian refinance costs include: discharge fee from your current lender ($150-$400), application fee ($0-$600), valuation fee ($0-$600, often waived), legal/settlement fee ($200-$500), and government registration fees ($100-$200). If breaking a fixed-rate loan, you may also face break costs which can be substantial. Our refinance costs guide covers which fees are negotiable.
Understanding cashback offers
Lender cashback offers can range from $2,000 to $10,000 or more. They effectively reduce your upfront costs, sometimes making break-even instant. However, check for clawback conditions (repaying cashback if you leave within 2-4 years) and whether the rate itself is competitive. See our cashback explained guide for common traps.
When is refinancing worth it?
Refinancing is typically worthwhile when: break-even is under 12-18 months, you plan to keep the loan longer than the break-even period, and the new loan offers competitive features. Be cautious about extending your loan term (which can increase total interest) or refinancing frequently (which accumulates costs). Read our break-even guide for a detailed checklist.
Frequently asked questions
Common questions about refinancing in Australia
Most borrowers aim for a break-even period under 12-18 months. If your break-even is under 12 months and you plan to keep the loan for several years, refinancing is likely worthwhile. However, also consider whether the new loan improves your features (offset, redraw, flexibility) without adding significant ongoing fees.
Common refinancing costs include:
Discharge fee: $150-$400 (current lender)
Application fee: $0-$600 (new lender, often negotiable)
Valuation fee: $0-$600 (often waived)
Legal/settlement: $200-$500
Government fees: $100-$200
Break costs: Variable (for fixed-rate loans only)
Cashback reduces your effective upfront costs. If a lender offers $3,000 cashback and your refinance costs are $1,500, you're $1,500 ahead from day one. However, watch for clawback conditions (repaying cashback if you leave within 2-4 years) and check if the rate is still competitive compared to other lenders.
Yes, this can happen if you extend your loan term. For example, refinancing with 20 years remaining into a new 30-year loan will reduce monthly repayments but significantly increase total interest paid. To avoid this, match your new term to your remaining term or keep making the same repayments as before.
Generally yes, for loans over $300,000. At current rates, a 0.5% reduction on $500,000 over 25 years saves approximately $155/month. If refinance costs are $1,500, break-even is about 10 months. For smaller loans or smaller rate reductions, the break-even period may be too long to be worthwhile.
A discharge fee is charged by your current lender to release the mortgage from your property title when you refinance. In Australia, discharge fees typically range from $150 to $400. Some lenders may waive this fee, so it's worth asking.
Breaking a fixed-rate loan early incurs break costs, which can be substantial depending on rate movements and time remaining. Get a break cost quote from your current lender before deciding. Sometimes waiting until the fixed period ends is more economical.
Yes, many fees are negotiable. Application fees, valuation fees, and even ongoing package fees can often be waived or reduced, especially for borrowers with strong profiles (good credit, larger loan amounts, low LVR). Always ask before accepting quoted fees.
A new loan application results in a credit enquiry, which may temporarily affect your score. However, if you're approved and make payments on time, this impact is typically minimal and short-term. Avoid applying to multiple lenders simultaneously.
Refinancing typically takes 4-8 weeks from application to settlement. This includes application processing, property valuation, approval, and settlement. Some lenders offer faster turnarounds. Factor in this timeline when calculating when you'll start saving.
The interest rate is what the lender charges on your loan balance. The comparison rate includes the interest rate plus most fees, giving a more accurate picture of the true cost. When comparing loans, always check the comparison rate, not just the headline rate.
A mortgage broker can save time by comparing multiple lenders and may access rates not available directly. They're paid by the lender, not you. However, if you know which lender you want, going direct may sometimes yield better deals. Consider both options.
Related guides
Learn more about refinancing and home loans
Refinancing Break-Even
Step-by-step method to calculate if refinancing is worth it, with examples and a decision checklist.
Read guideRefinance Costs Australia
Complete breakdown of Australian refinance fees, which are negotiable, and when costs make refinancing not worth it.
Read guideRefinance Cashback Explained
How cashback offers work, their impact on break-even, clawback conditions, and common traps to avoid.
Read guideOffset vs Extra Repayments
Compare offset accounts vs extra repayments with scenarios and break-even logic.
Read guide