Refinance comparison
Compare your current loan against a new rate offer — monthly saving, break-even, and lifetime saving net of costs.
Plug in your current balance, rate and remaining term, then drop in the rate you've been quoted by a new lender. The calculator shows whether the switch covers its own costs and how much you'd save over the life of the loan. If the answer is yes, I can usually find something even better.
Refinance comparison
See whether a lower rate is worth the switching cost.
Monthly saving
$220
Estimates ignore offset effects, LMI changes, and cashback offers. I can model your actual loan against the current market.
Banks calculate this differently. Want me to give you a real-world estimate from my 30+ lenders?
Book a 15-min callRefinancing questions
When is refinancing actually worth it?
A common rule of thumb: a rate cut of 0.5% or more, with a break-even on switching costs within 12–18 months, on a loan with at least 5 years left to run. The calculator above lets you check the maths against your real loan rather than a rule of thumb.
What do switching costs include?
Mortgage discharge fee from your current lender ($150–$400), settlement and application fees with the new lender ($150–$600 if not waived), valuation ($0–$400), and government registration fees (~$200 in NSW). Cashbacks from the new lender often cancel these out entirely.
Will refinancing reset my loan term?
Only if you let it. By default a new lender quotes you a fresh 30-year term — which lowers your monthly payment but stretches the interest. Ask me to keep the remaining term the same as your current loan; you'll keep all the rate saving without losing the years you've already paid down.
What about fixed rates?
If you're inside a fixed-rate period, breaking it triggers an Early Repayment Cost (ERC) that the calculator doesn't model — these can be tiny or eye-watering depending on the rate move. Get an exit quote from your current lender first, then plug that into the 'Switching costs' input.
How long does refinancing take?
Typically 4–6 weeks from application to settlement, sometimes faster with major banks. Most of that is the new lender doing its own valuation and credit assessment. Your day-to-day life isn’t affected — same property, same loan amount, just a different bank.
Will refinancing hurt my credit score?
A refinance application leaves a credit enquiry on your file, which can dip your score by a few points for a couple of months. Multiple enquiries in a short window look worse — which is one reason to let a broker shortlist for you rather than apply to several banks yourself.
Stephanie Newman Australian Credit Representative number 388799 and Coastal Home Lending Pty Ltd Australian Corporate Credit Representative number 578712 are licenced Credit Representatives of Australian Finance Group Ltd Licence number 389087. ACN 066385822. This is general information only. Please seek personal financial advice tailored to your circumstances.
Refinance estimates are indicative only. They do not account for fixed-rate break costs, LMI changes, or cashback offers — I can model those for you against your actual loan.