Calculate your mortgage repayments and savings when switching your mortgage from the Big 4 banks
Borrowers who have switched to smaller, more competitive lenders are saving hundreds of dollars every month. With rates well under 4 per cent now, there’s no better time to switch. Compare your mortgage rate against the latest deals:
Save by switching
Estimated upfront fees
Go to site
Owner Occupied Home Loans
Fixed - 5 years
Advantage - Essentials Home Loan
Activate Prime Full Doc
Rate Lovers Variable Home Loan
Star Essentials Home Loan
Owner Occupier Discounted Variable Rate
Smart Home Loan
Home Value Loan
Real Deal Home Loan
What is refinancing?
Refinancing a home loan refers to switching from your current mortgage to another – often a home loan with a lower interest rate, cheaper fees, or more suitable features and benefits.
Why do people refinance?
People often refinance their home loans to get a better deal. Switching to a home loan with a lower interest rate can let a borrower enjoy cheaper minimum mortgage repayments, taking some pressure off their monthly household budget. This also lets some borrowers pay extra onto their home loan’s principal, bringing them closer to paying off their property and reducing their total interest charges.
Some borrowers refinance their home loans use the equity in their property, such as borrowing extra money to pay for renovations, or securing finance on other loans.
How can a refinancing calculator help me?
Our refinancing calculator can show you the estimated cost of monthly repayments and upfront fees, as well as how much you could save in total by refinancing to different home loan offers.
All you need to do is enter a few details of your current home loan, such as whether you’re an owner occupier or investor, how much is left on your mortgage, and your current interest rate. The calculator will compare your current loan to other options on the market, and show the potential difference in costs.
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 home 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 repayments are even cheaper. However, the longer you take to pay back a loan, 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 by switching to a longer home loan term.
So, if you’re 10 years away from paying off your mortgage, refinancing to a new 30-year home loan 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.