Compare your current repayment with a new lender's rate, see the monthly saving and how many months it takes to recover the switching costs.
Use this calculator to test whether refinancing pays. Enter the balance you would move, your current rate, the new lender's rate and the years left on your current loan. Keeping the same remaining term is deliberate: it compares like with like. If you let the new lender stretch the loan back to 30 years, your repayment falls further but you usually pay more interest in total.
Switching costs. Add your current lender's discharge fee, the state or territory land titles fees to discharge and register the mortgage, and any application, valuation or settlement fee at the new lender. If the new lender pays a cashback, subtract it. If you are leaving a fixed rate early, add the break cost your lender quotes in writing.
How it works. Both repayments use the standard amortisation formula over the remaining months. The monthly saving is the difference; break-even is switching costs divided by the monthly saving, rounded up; the lifetime saving is the monthly saving x remaining months minus the costs.
Worked example (illustrative). $520,000 with 26 years left: at 6.49% the repayment is about $3,454.29; at 5.89% it is about $3,259.87. The saving is about $194.42 a month, so $1,500 of costs are recovered in 8 months and the saving over the remaining term is about $59,159.
Limits. The tool assumes both rates stay fixed for the whole term, which variable rates will not. It ignores annual package fees (enter several years' worth in the costs if they differ) and offset balances. Before switching, ask your current lender to match the rate: see asking for a lower rate.
Refinancing Mistakes and Official Sources
Why Australian lenders charge break costs on fixed rate home loans, a simplified worked calculation, what triggers them, how to reduce them and how to decide whether to break.
Rates, Costs and 2026 Rules
Every fee an Australian home loan can carry, from application and valuation to package, discharge and break costs, plus government charges and a five-year cost comparison.
Refinancing Mistakes and Official Sources
The most expensive refinancing and fixed rate mistakes on Australian home loans, from term resets and revert rates to cashback traps and LMI, with the dollar cost of each.
Refinancing Mistakes and Official Sources
Why existing Australian borrowers often pay more than new customers, how to check your rate against new-customer offers, and a step-by-step script for asking your lender to reprice.
Repayment Examples and Checklists
A full Australian home loan refinance calculation: switching costs, monthly saving, break-even months, the effect of a cashback, break costs and the trap of resetting to 30 years.
