Use this free refinance calculator to compare your current Australian home loan with a proposed refinance. Estimate repayments, fees, savings and break-even time using your own figures.
Example costs, not a loan quote.
Repayments are calculated as principal & interest over the years remaining. Each scenario uses its own loan amount, so you can roll switching costs or extra borrowing into the new loan.
Estimated annual saving
Enter the loan details above to compare estimated annual costs.
Same repayment, lower rate
Calculating…
Why use this tool
A refinance calculator estimates how a new home loan could change repayments and total costs. This free tool puts the current and proposed loans side by side, then shows what the difference may mean each year and over the remaining term. Use it to explore a decision at your own pace; the results are estimates, not lender quotes.
See principal and interest repayments alongside annual and monthly account fees. A lower advertised rate can still cost more when the other terms change.
Enter an upfront cost and cashback to estimate net switching cost, break-even time and saving over the term.
$600,000 loan
$800,000 property value
Set a different proposed loan amount if you expect extra borrowing. The two loans are calculated from their own balances.
Compare how long the suggested loan might take to repay if you kept making the current repayment amount.
Explore how costs and time change the outcome. These examples are separate from your calculator results.
Net saving is monthly saving × months, minus switching costs. This example assumes a constant saving and no cashback.
Costs recovered at 36 months.
Net saving is monthly saving × months, minus switching costs. This example assumes a constant saving and no cashback.
Costs recovered at 36 months.
Net saving is monthly saving × months, minus switching costs. This example assumes a constant saving and no cashback.
Costs not yet recovered at 36 months.
Select a stage to see what to gather, compare and confirm.
Use your latest statement and a written offer to make the comparison useful.
Look at repayments, recurring fees and upfront costs together.
Consider how long you expect to keep the loan before making a decision.
Turn the estimate into a written comparison before applying or signing.
Enter the balance, rate, remaining term and fees from your statement.
Add the proposed offer and switching costs, using a written quote where available.
Review repayments, break-even and the payoff path, then confirm the details with your lender.
Screenshot guides
For the steps beyond the calculator, read how to refinance a home loan. Start with when to refinance if you are still weighing up whether to switch.
Choose a guide below. Each annotated screenshot uses illustrative inputs, with arrows and labels pointing to the fields or result to check. Rates and lender costs can change; enter your own figures for a personal comparison.
Enter the balance and term left on your current loan, then add its rate and fees. Enter the proposed loan balance, rate and fees. The calculator compares estimated annual costs and subtracts net switching costs from the saving over the remaining term.
Loan-to-value ratio (LVR) is the current loan balance divided by the value of the securities, multiplied by 100. For example, $600,000 ÷ $850,000 × 100 is about 70.6% LVR. This tool uses LVR and the majority-investment selection to show an indicative suggested rate.
The LVR shown here uses your current balance. If you plan to borrow extra, use the refinance LVR calculator to check the proposed total loan against the property value.
Break-even is the time it may take for estimated monthly savings to recover net switching costs. This calculator divides upfront costs minus cashback by annual savings divided by 12, when annual savings and net costs are both positive.
The payoff chart applies your current scheduled repayment to the suggested loan balance and rate. It estimates whether keeping that payment could finish the proposed loan earlier or later than the current loan.
Real decisions to test
The tool supports several different comparisons, so a single page can help you test more than one refinancing question. Keep the inputs tied to the actual loan offers you are considering.
Compare a proposed rate with the rate on your current loan, then check whether fees and switching costs change the apparent saving.
Model a better retention offer as the suggested loan to see whether staying might be competitive. Moneysmart recommends asking your current lender for a better deal before switching.
Change the new loan amount to test a larger balance. More borrowing can increase repayments and interest even when the new rate is lower.
Enter the securities and property value used for the scenario, then select whether lending is majority investment. Check the indicative rate with the lender. Follow the investment-property refinance guide for proposed borrowing and purpose checks.
Before you switch
A lower repayment is a starting point, not the whole decision. Use this checklist to turn the calculator estimate into a comparison you can verify with your current lender and a proposed lender. Keep track of the documents and quotes in the full refinancing checklist.
Use your latest statement for the balance, rate, remaining term and ongoing fees. Get the proposed lender's written rate, fees, repayment schedule and any cashback conditions. Replace the calculator's indicative rate with the offered rate when available.
Request a better rate or fee arrangement before paying to switch. Put a retention offer through the suggested-loan inputs, then compare it with the external offer on the same remaining term.
Ask about discharge, application, valuation and settlement charges. If you are leaving a fixed-rate loan, get the lender's actual break-cost figure. Check whether lenders mortgage insurance could apply; this tool does not calculate it.
Check offset, redraw, package features and any restrictions separately. A longer new term can reduce a repayment while increasing total interest. This calculator applies the same years remaining to both loans, so request a lender schedule for a different term.
From comparison to settlement
Lender steps and timing vary. For an independent Australian checklist of switching costs and loan-term risks, see ASIC Moneysmart's guide to switching home loans.
Behind the numbers
The refinance mortgage calculator estimates principal and interest repayments for the years remaining, using the balance and rate entered for each loan. It assumes rates remain constant. The selected repayment frequency changes the scheduled payments; accelerated fortnightly uses half a monthly payment every fortnight.
Estimated scheduled repayments for one year, plus 12 monthly account fees and one annual fee for that loan.
Current annual cost minus proposed annual cost. A negative result means the proposed loan costs more under these inputs.
Net switching cost divided by the monthly equivalent of annual saving, when both figures are positive. Net switching cost is upfront costs minus cashback.
Estimated total cash paid on the current loan minus the proposed loan, less net switching cost. Each schedule runs until its balance is repaid.
What the estimate leaves out: This tool does not model offset or redraw benefits, lenders mortgage insurance, daily interest timing, future rate changes or different remaining terms for the two loans. You can enter a known fixed-rate break cost in the upfront field, but the tool does not calculate that charge for you. The suggested rate is indicative pricing built into the calculator, not a live lender quote. See Moneysmart's switching-home-loans guide for other costs and checks.
Shared report rates: The copied table and PDF show the same interest rates used for the on-screen repayment and saving estimates. Check any indicative suggested rate against the lender's actual offer.
Want to check the repayment itself? See how to calculate home loan repayments, including the formula and a $500,000 example, or browse all home loan refinance calculators.
Continue exploring
Choose the calculator or guide that helps you understand your next refinance decision. Browse all calculators or explore the guides.
Work out your loan-to-value ratio, equity and distance from 80% LVR.
Estimate your usable equity and the loan amount at your chosen LVR.
Compare two offers against your current loan, including fees and cashback.
Add up switching costs and estimate how long your savings take to cover them.
Detailed answers
These answers address common questions before comparing home loans. They explain what this calculator estimates and where a lender or broker needs to confirm the figures.
Compare the annual cost of your current loan with the annual cost of a proposed loan using the same years remaining. Enter each balance, interest rate and ongoing fee, then subtract the proposed annual cost from the current annual cost. This calculator also subtracts net switching costs from its estimated saving over the term.
Use your latest loan statement and a written proposed offer where possible. The screenshot guide shows where the figures go.
Divide net switching cost by estimated monthly saving. Net switching cost is upfront charges minus cashback; estimated monthly saving is annual saving divided by 12. For example, $1,250 ÷ ($3,777.64 ÷ 12) is about 3.97 months, shown as roughly four months.
If annual saving is zero or negative, there is no positive break-even under those inputs. If cashback covers the cost, the net upfront cost may be zero or negative. See the break-even guide.
Divide the current loan balance by the value of the property securities and multiply by 100. A $600,000 balance against $850,000 of security value is about 70.6% LVR. The calculator uses that ratio and your majority-investment selection to form an indicative proposed rate.
A lender may use its own valuation and eligibility rules, so confirm the actual LVR and offer. The LVR guide shows the relevant fields.
No. A lower rate may reduce repayments, but higher ongoing fees, a larger proposed balance or switching charges can reduce or erase the benefit. Compare annual cost, break-even and net saving over the term together.
A longer new term can also lower the regular payment while increasing total interest. This tool uses the same years remaining on both sides. Moneysmart advises checking costs and loan length before switching.
Enter known upfront charges such as discharge, application, valuation, registration or settlement costs in the editable switching-cost field. Add any fixed-rate break cost if it applies and you have a lender figure. The fixed-rate refinance guide shows how to use a dated break quote. Put ongoing monthly and annual account fees in their separate fields.
The default upfront number is only an estimate based on the number of securities. Replace it with actual quotes. Lenders mortgage insurance is not calculated, so assess it separately; Moneysmart lists common switching charges.
Start with the remaining balance, years left, interest rate, repayment frequency and ongoing fees on your current loan. For the proposed loan, gather the amount you would borrow, the offered rate, monthly and annual fees, any cashback and the upfront costs of switching. Have the value of the property securing the loan ready to estimate LVR.
A recent statement and a written lender offer are better sources than an advertised headline rate. The before-you-switch checklist explains which figures need separate confirmation, including break costs, LMI and loan features.
A useful home loan refinance calculator should let you enter the current and proposed balances, interest rates, remaining term, ongoing fees, switching costs and any cashback. Look for clear repayment, saving and break-even estimates with the assumptions explained.
This calculator also estimates LVR and payoff time at the same repayment. It does not calculate lenders mortgage insurance, offset or redraw benefits, future rate changes, lender eligibility or live offers. Use your loan statement and the proposed lender's written figures to check any result before deciding whether to switch.
Refinancing may not pay off when switching costs take too long to recover, the new loan has higher ongoing fees, or the lower repayment depends on extending the term. A larger new balance can also outweigh a lower interest rate. Compare annual saving, break-even time and estimated total cost together, then check any offset or redraw features the calculator does not model.
If you may sell or refinance again soon, compare your expected time in the new loan with the break-even estimate. ASIC Moneysmart recommends checking the real costs and new loan length before switching.
Yes, you can model a majority-investment scenario and select the number of securities. Enter the value of the securities relevant to the proposed loan. The tool uses those inputs to estimate LVR and its indicative proposed rate.
Mixed-purpose lending, valuations and product eligibility can be more complex than these inputs show. Ask the lender or broker to confirm the structure and rate.
No. It does not calculate offset or redraw benefits, or lenders mortgage insurance (LMI). Those features can materially affect the real cost of refinancing. Compare them separately with the lender's product terms.
Sana's broader mortgage repayment calculator supports more detailed scenario settings, including offsets. This page focuses on the current-versus-proposed refinance comparison.
Not directly here. The years-remaining input is applied to both loans so repayments are compared over the same term. If a proposed lender restarts the loan over 30 years, that may lower the regular payment but increase total interest.
Ask for a repayment schedule over the actual proposed term and compare total cost as well as the payment. Moneysmart specifically recommends checking the new loan length.
Yes. Both reports show the current and suggested rates used for the repayment, saving, break-even and payoff estimates. They do not add a separate rate adjustment when you copy or print a result.
The suggested rate may be filled from an indicative preset based on the loan and property details you enter. Replace it with the lender's actual offered rate when available, and verify both rates against your loan documents.
No. It gives general estimates from the figures you enter and the calculator's stated assumptions. Actual lender results can differ because of daily interest, payment dates, changing rates, fees, valuation and product rules.
Confirm figures and suitability with the lender or a licensed mortgage broker before acting. The tool does not assess eligibility or recommend a particular credit product.
Who is behind the tool
Sana Hosseni is a mortgage broker with more than 23 years of mortgage and finance broking experience. He has been an elected director of the Mortgage & Finance Association of Australia (MFAA) Board since 2025. His background combines broking, accounting and practical loan comparisons.
Sana also owns loancalculator.mortgage, a comprehensive free mortgage repayment calculator. His aim is to make complex home-loan comparisons clearer and more practical. This refinance calculator reflects his broking experience and his focus on repayment structures, interest, fees, offsets and repayment strategies. This particular tool models rates, repayments, fees, switching costs and payoff scenarios; it does not model offset balances.
The calculator is free to use without registering or booking an appointment. Use it to explore a scenario, then confirm current rates, product features and your circumstances with a lender or broker. Page updated .
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