Home Loan Refinance Calculator

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Should I refinance my mortgage?

If your home loan costs you more per month than you’d prefer to pay; if want to be out of debt sooner; or if want to put the equity in your home to use, you may want to calculate whether refinancing your mortgage will suit your finances.

The refinance calculator is a great tool to help you calculate how much you can save when switching your home loan, and work out whether refinancing your mortgage is a strategy that will suit you and your finances.

Using the calculator, you can calculate your potential savings based on three different refinancing goals:

1. Reduce my repayments

If you simply want to pay less in home loan repayments each month, you can enter your current monthly repayment, outstanding loan amount and current interest rate into the refinance calculator to work out the following: 

  • Current loan term: The length of time it will take to finish paying off your home loan at your current rate.
  • Cheaper loans: Alternative home loans with cheaper monthly repayments.
  • Potential savings: By defining a time frame (e.g. 3 years), you can calculate how much you could save over that time frame by switching home loans.

2. Pay off my loan faster

If your goal isn't to pay less on your mortgage each month, but to pay off your home loan more quickly, refinancing can still be a great option for you.

By selecting this saving goal, the refinance calculator keeps your current monthly repayment fixed at the same amount. When you switch to a loan with lower minimum repayments, the savings can instead go towards paying off your loan’s principal.

This means a bigger portion of each home loan payment can go towards clearing your loan's principal rather than covering the interest charges, thus your home loan can be paid back quicker.

Saving Calculation

Paying your home loan quicker can mean saving a lot of money in interest charges. When you set your refinancing goal to "Pay off my loan faster", the refinance calculator will show how much you'll save on interest charges in total.


Nick owes $350,000 on his mortgage with a 4.5% interest rate, which he’s paying back in $1881 monthly instalments. At this rate, he’ll be out of debt in 26 years and 8 months.

By using the refinance calculator and selecting “Pay my loan off faster” as his goal, Nick learns that by switching to a home loan with a lower interest rate of 3.79%, but continuing to pay $1881 per month, he could potentially repay his loan 3.2 years sooner, and save $112,800 in total interest charges.

3. Get cash out of my home

If you're considering renovating your place, consolidating other debts, or making a major purchase, refinancing your home loan could allow you to access the funds you need.

If the value of your property has gone up since you took out your home loan, you may be able to refinance and access some of these capital gains as cash, or use this equity as security to borrow more.

While interest rates for personal loans can range between 10% to 20%, a home loan interest rate could be less than 4%, so borrowing a bit more on your home loan could cost you less in interest from month to month than taking out a personal loan.

Please note:

Remember that while mortgage interest rates tend to be much lower than those of personal loans, home loans are typically repaid over much longer loan terms – you may be comparing apples with oranges.

While you may pay interest at a lower rate by adding to your home loan, you may end up paying more interest in total over the long-term than you would by taking out a separate personal loan.

Cash Out & Monthly Repayment

When selecting "Get cash out of my home" as a refinance goal, the calculator will allow you to enter how much money you want to access with your home loan, and show you how much you'll be paying each month towards this new home loan amount by switching to different lenders.

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