How does this work?

  1. Gather the following information about your current loan. To find this info, check your most recent mortgage statement, your online banking platform/app or contact your lender.
    • Current loan balance
    • Interest rate
    • Loan term and type
    • Any extra repayments
  2. Enter the current loan info in the calculator.
  3. Enter information for the new loan. If you don’t have a shortlisted loan, we provide you with some options available in the RateCity database.
  4. Click ‘Calculate now’.
  5. The calculator processes the data you have entered and will provide calculations for your review.

Calculator Assumptions and Disclaimers

  • Calculations assume that details entered into calculator, including interest rates, do not change for the lifetime of the loan.
  • The calculator rounds your remaining loan term to the nearest year for some calculations, such as your estimated monthly repayments. Your exact monthly repayments may be different. Fortnightly payments are based on monthly repayments divided by 2.
  • All calculations are estimates only; they are not guarantees, pre-qualifications or pre-approvals for borrowing.
  • All results are based solely upon the data entered into the calculator. Your final mortgage repayments will depend on your lender’s eligibility criteria among other factors.
  • Calculator does not include the cost of fees or other extra charges.
  • Calculator does not account for changes to interest rates over time.
  • The calculator is for information purposes only. Any advice is general and has not taken into account your personal circumstances.Read our full disclaimer.

Find and compare mortgage rates

Loan amount

$

Minimum deposit

Loan type & Term

Sort by

Interest Rate - Low to High
Compare

All filters

Loan purpose
Loan amount
$
Deposit
Loan type and term
Repayment type
Features
Specials
Fees
States
Providers

Type of lender

Include all products?

No

We provide links to some financial institutions. If you click through to a financial institution, you can get more product information, apply for or purchase the product and RateCity may earn a fee for referring you. This is one of the ways RateCity makes money and how we can offer our comparison service to you for free. See how we make money for more.

Provider
Compare

Australian Credit Licence 237476Fees & charges apply

5.94%

5.95%

$2,085

    2024 Award Winner

  • Cashback
  • Variable
  • P&I
More detailsmore-details

Australian Credit Licence 237476Fees & charges apply

Australian Credit Licence 234945Fees & charges apply

5.99%

5.90%

$2,096

    2024 Award Winner

  • Special
  • Variable
  • P&I
More detailsmore-details

Australian Credit Licence 234945Fees & charges apply

Australian Credit Licence 388053Fees & charges apply

5.99%

6.01%

$2,096

  • Variable
  • P&I
More detailsmore-details

Australian Credit Licence 388053Fees & charges apply

Australian Credit Licence 388053Fees & charges apply

5.99%

6.29%

$2,096

  • Fixed undefined year
  • P&I
Enquire

Australian Credit Licence 388053Fees & charges apply

Australian Credit Licence 237879Fees & charges apply

6.01%

6.14%

$2,101

  • Special
  • Variable
  • P&I
  • Offset Account
More detailsmore-details

Australian Credit Licence 237879Fees & charges apply

Australian Credit Licence 234945Fees & charges apply

6.29%

6.20%

$2,164

  • Special
  • Variable
  • P&I
More detailsmore-details

Australian Credit Licence 234945Fees & charges apply

Australian Credit Licence 443249Fees & charges apply

6.30%

6.58%

$2,166

    2024 Award Winner

  • Special
  • Variable
  • P&I
More detailsmore-details

Australian Credit Licence 443249Fees & charges apply

Australian Credit Licence 443249Fees & charges apply

More detailsmore-details

Australian Credit Licence 443249Fees & charges apply

Australian Credit Licence 388053Fees & charges apply

6.34%

6.37%

$2,176

  • Variable
  • P&I
Enquire

Australian Credit Licence 388053Fees & charges apply

Australian Credit Licence 233714Fees & charges apply

6.59%

6.60%

$2,233

  • Variable
  • P&I
Enquire

Australian Credit Licence 233714Fees & charges apply

Want to save money by switching your home loan? How about paying off your mortgage sooner, or making use of your equity?  

If you haven't thought about your mortgage since you bought your first home, you may be surprised by the potential time and money you may save by switching. 

Calculate if refinancing may be worth it for you, and compare a wide range of home loan options.

How to use a refinance home loan calculator

The best way to use a refinance mortgage calculator is to first work out exactly what you’re looking for in your next home loan, then apply the relevant calculations.

For example, your refinancing goal may be to:

  1. Lower repayments: A refinance calculator can help you switch and save, by working out the lowest interest rates you may be able to afford, and how much you may save compared to your current mortgage rate.
  2. Lower total loan cost: Looking at the big picture, you can calculate the overall savings you could enjoy by switching home loans. You could also see how changing your loan term could affect your loan’s total cost.

Once you know what you want from your new home loan, you can select the correct option from above the calculator.

Next, all you’ll need to do is:

  • Enter your current loan balance
  • Enter your current loan term
  • Enter your current interest rate

Then, you’ll need to:

  • Enter a new loan term
  • Enter a new interest rate (either enter your own, or select an option from the RateCity database)

Your calculations will then automatically load for your review.

Tip

Keep in mind that a refinance home loan calculator does not take every aspect of your personal situation into account, such as your credit score or employment status, and is not a substitute for professional financial advice. Consider contacting your mortgage broker for advice specific to your personal circumstances.

Why should you use a refinance home loan calculator?

The refinance calculator is a tool to help you calculate how much you may save when switching your home loan.

Whether your home loan costs you more per month than you’d prefer to pay, or you'd like to be out of debt sooner, or you want to put the equity in your home to use, you may want to calculate whether refinancing your mortgage will help you achieve these goals.

RateCity's refinance calculator can help you quickly and easily compare the costs and benefits of refinancing your mortgage across the home loan market.

A bank’s refinancing home loan calculator may show you potential savings, but will generally only direct you to refinance with that bank. Further, bank calculators don’t always let you adjust the figures in your calculation, like the interest rates and mortgage terms. This may prevent you from being able to see how each factor will impact potential new home loan options.

For example, a home loan package also offering credit cards may sound like a competitive option, but will also typically incur higher costs and fees from the lender. A refinancing calculator can help to show you the more realistic cost of switching.

What should I look out for when refinancing?

Before you refinance your mortgage, it’s important to confirm that you’ll be getting a better deal than your current loan. A few small details could make a big difference to the cost and benefits of your home loan.

For example, when some borrowers refinance, they choose a longer home loan term than their current mortgage, so their monthly payments are even cheaper. However, the longer you take to pay back your loan amount, the more interest payments you’ll need to make. Even if your new home loan has a lower interest rate, you could still end up paying more in total interest charges over the life of the loan by switching to a longer home loan term.

For example, if you’re 10 years away from paying off your mortgage, refinancing to a new home loan with a 30-year term could end up costing you more money in total, even if the interest rate is lower. It’s important to compare your options and consider contacting a finance professional before applying to refinance.

Pros and cons of refinancing your home loan

There are both advantages and disadvantages to refinancing your home loan that are worth weighing up before you make the switch.

Pros:

  • Switch and save: You could potentially save big on your repayments if you switch to a home loan with lower interest rates and/or lower fees.
  • Greater flexibility: You may find it easier to manage your loan if you switch to a new mortgage that is more flexible (e.g. adding an offset account, redraw facility, split interest and more).
  • Shave years off the loan: By switching to a lower rate loan, but keeping your monthly mortgage payment amounts the same, you may shave years off your loan by paying the principal faster, and therefore reducing the interest you may be charged.

Cons:

  • Forgetting about fees: If you don’t also factor potential fees and refinancing charges into your refinancing costs (such as new loan upfront fees), you run the risk of losing money you saved in lower interest charges. The potential savings may be exceeded by the fees accrued during the refinancing process.
  • Risk of less flexibility: You may find it harder to manage your mortgage if your new home loan is less flexible.
  • Paying LMI: You may need to pay lender’s mortgage insurance (LMI) if your home has fallen in value and your LVR has been pushed up above 80 per cent.
Fact Checked

This article was reviewed by External Comms Lead Eden Radford before it was published as part of RateCity's Fact Check process.