Refinancing

Refinance feasibility calculator

Compare your current home loan with a refinance offer and see how long the rate saving takes to cover the cost of switching, so you know whether moving lenders is worth it.

What it shows

The three numbers that decide it.

Your monthly saving

The difference between your current repayment and the repayment at the new rate, over the loan term you have left.

Your break-even point

How many months of savings it takes to cover the cost of switching. The sooner you break even, the stronger the case for refinancing.

Your net benefit

The interest you would save over the remaining term, less your switching costs. This is the figure that tells you whether the move is worth making.

Before you switch

A lower rate is only part of the picture.

Refinancing can save thousands, but the headline rate doesn't tell the whole story. These are the things we check with every refinancer before recommending a move.

Count every cost of switching

Discharge fees from your current lender, application or settlement fees at the new one, and government fees to register and discharge the mortgage all add up. If you're on a fixed rate, breaking it early can also trigger break costs, which can be significant. Put your total into the calculator so the break-even point is realistic.

Know your loan-to-value ratio

If you owe more than 80% of your property's value, a new lender may charge lenders mortgage insurance, even if you paid it once already. That single cost can wipe out years of savings, so it's worth knowing your LVR before you apply.

Keep the loan term in mind

Refinancing onto a fresh 30-year term lowers your repayments, but stretching the loan back out can mean paying more interest overall. This calculator uses the term you have left, so the comparison is like for like.

Look beyond the rate

Offset accounts, redraw, fees and how a lender treats existing customers all matter over the life of a loan. Sometimes the best result is a sharper rate from the lender you already have.

Refinancing questions

Worth asking before you switch.

The questions we hear most from people weighing up a refinance. Got another? Book a chat.

How do I know if refinancing is worth it?

Refinancing is usually worth considering when the interest you'll save clearly outweighs the cost of switching, and you'll keep the loan long enough to pass your break-even point. Many people also refinance for features such as an offset account, or to consolidate debt or access equity.

What does it cost to refinance a home loan?

Costs vary by lender, but can include a discharge fee from your current lender, application or settlement fees, government registration fees, a valuation, and break costs if you're leaving a fixed rate. Some lenders cover part of these or offer a cashback to new customers.

How long does refinancing take?

It commonly takes a few weeks from application to settlement, depending on the lenders involved and how quickly documents come back. We keep the process moving and let you know where things are at each step.

Can I refinance with my current lender?

Yes. Asking your current lender for a better rate, often called repricing, costs little or nothing. It's often worth doing first, and we can help you ask with real comparisons in hand.

Does refinancing affect my credit score?

A new loan application is recorded on your credit file, so it's sensible to avoid several applications in a short time. Talking to a broker first lets you compare options before anything is lodged.

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