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Refinance savings calculator
Plug in your current loan vs a new rate to see your monthly saving, total saving over the remaining term, and how many months until the switch pays for itself.
What you owe right now.
What your existing lender is charging.
Pre-filled with today's lowest variable: 5.59%.
Years left on your current loan.
Discharge fee + valuation + legal + LMI (if any). Typical: $300–$1,500.
Switching at 5.59% saves you $290/month.
Current monthly repayment
$3,762
New monthly repayment
$3,472
Monthly saving
$290
Break-even point
4 months
When monthly savings cover your switch costs
Saved over remaining term
$92,849
After switch costs, over the remaining term
Total interest saved
$93,799
Total interest difference between the two loans
How this is calculated
We compare two amortising loans at the same balance + remaining term. The monthly repayment formula is the standard P&I model: M = P · r · (1+r)^n / ((1+r)^n − 1), where P is the balance, r is the monthly rate (annual ÷ 12), and n is the months remaining. Total saving subtracts your one-off switch costs from the cumulative monthly saving over the remaining term.
What this calc doesn’t model: potential cashback offers from the new lender (which can offset switch costs); LMI if your equity is now under 80% (which would push the calc the other way); and lender-specific package fees (~$395/yr on some wealth-package products). A broker can fold these in for your specific scenario.
Want a real number, not a ballpark?
These figures are estimates. A 30-min broker consult will run your specific scenario against the actual lender policies — no fees, no obligation.
Important: This calculator provides an estimate only and does not constitute credit advice. Actual rates, repayments, fees and approval are subject to lender policy and your individual circumstances. Comparison rates are based on a $150,000 loan over 25 years on a secured basis — see footer for the full disclaimer.