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.
Compare all refinance home loan rates
How much can I save by refinancing?
This refinance savings calculator estimates the repayment gap between two rates you enter, then subtracts switching costs to show a break-even. Results are estimates for those illustrative inputs, not a promised saving, an approved refinance rate or a loan offer. Compare refinance home loan rates on the refinance home loans hub. To compare all rates, open the live table ranked by comparison rate. This is general information, not a recommendation to borrow.
In the dated 27 August 2026 80% LVR snapshot the average advertised owner-occupier variable rate is 6.33% p.a. and the lowest matched rate is 5.93% p.a., a gap worth about $2,400 a year on a $600,000 loan before switching costs. That snapshot does not establish refinance eligibility or your own saving. Put your own balance, current rate, quoted new rate, remaining term and switching costs into the form below. The starting numbers are illustrative calculator inputs.
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is based on a loan of $150,000 over a term of 25 years. The information on this page is general in nature and does not take into account your objectives, financial situation or needs.
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is based on a loan of $150,000 over a term of 25 years.
The information provided on this site is general in nature and does not take into account your objectives, financial situation or needs. Before acting on any information, consider whether it is appropriate for you and read the relevant Credit Guide and lender disclosures.
Refinance savings questions, answered
How much can I save by refinancing my home loan?
It depends on the gap between the current rate and the new rate you enter, your loan balance, remaining term and switching costs. The calculator subtracts those costs from the modelled interest difference. Results are estimates for those illustrative inputs, not a promised saving or an approved refinance rate.
What is the break-even point on a refinance?
It is the number of months until the modelled monthly saving has covered the switching costs you enter (discharge, settlement, government fees and any other costs you include). If you will not keep the loan past that point, the lower repayment may not recover the cost of switching. Enter your own figures. This is not a recommendation to refinance.
How long does refinancing take?
From application to settlement, a refinance usually takes two to four weeks with a well-prepared file, though it can stretch to six weeks if valuations or title transfers are slow. Your new lender handles the discharge with your old lender; you mostly wait. Having payslips, ID and your current loan statements ready up front is what keeps it at the fast end.
Will refinancing hurt my credit score?
A refinance triggers one credit enquiry, which can shave a few points off your score temporarily. Multiple enquiries in a short window, for example applying with several lenders at once, has a larger impact, so it's better to compare first and apply once.
Are the figures in this calculator final?
No. They are estimates based on the rate, balance, term and switching costs you enter. The starting numbers in the form are illustrative calculator inputs. Actual savings depend on lender fees, your specific loan features, and any offer that applies at settlement. A listed or pre-filled rate is not a refinance quote.
Where do I compare refinance home loan rates after I model the gap?
On Ratesniffers' /home-loans/refinance hub. This calculator does not list lender rates or confirm eligibility. Compare refinance home loan rates there, then return here with your quoted rate, remaining term and switching costs. To compare all rates, use /home-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.
How much can I save by refinancing?
Your modelled saving is the gap between the current rate and the new rate you enter, applied over your remaining term, then reduced by the switching costs you include. In the dated 27 August 2026 80% LVR snapshot the average advertised owner-occupier variable rate is 6.33% p.a. and the lowest matched rate is 5.93% p.a., a gap worth about $2,400 a year on a $600,000 loan before switching costs. That snapshot does not establish refinance eligibility or your own saving. Replace the illustrative starting inputs with your own loan. Compare refinance options on refinance home loan rates before treating a result as a plan.
When is refinancing worth it?
A refinance only pays off once the modelled monthly saving has recovered the cost of switching. Enter the discharge, application, valuation and government charges that apply to you. A cashback listed on cashback offers can offset those costs, but an offer is not evidence that a product or rate qualifies. If you will not hold the loan past break-even, the lower repayment may not recover the switch. The classic mistake is chasing a lower headline rate into a loan whose annual fee eats the gap, which is why hub tables rank by comparison rate.
How long does refinancing take?
Two to four weeks from application to settlement with a well-prepared file, sometimes up to six if valuations or title transfers are slow. Your new lender manages the discharge with your old lender, so most of the elapsed time is waiting rather than work on your part. Compare refinance home loan rates first, then apply once to keep credit enquiries to a minimum.
Refinance savings questions, answered
How much can I save by refinancing my home loan?
It depends on the gap between the current rate and the new rate you enter, your loan balance, remaining term and switching costs. The calculator subtracts those costs from the modelled interest difference. Results are estimates for those illustrative inputs, not a promised saving or an approved refinance rate.
What is the break-even point on a refinance?
It is the number of months until the modelled monthly saving has covered the switching costs you enter (discharge, settlement, government fees and any other costs you include). If you will not keep the loan past that point, the lower repayment may not recover the cost of switching. Enter your own figures. This is not a recommendation to refinance.
How long does refinancing take?
From application to settlement, a refinance usually takes two to four weeks with a well-prepared file, though it can stretch to six weeks if valuations or title transfers are slow. Your new lender handles the discharge with your old lender; you mostly wait. Having payslips, ID and your current loan statements ready up front is what keeps it at the fast end.
Will refinancing hurt my credit score?
A refinance triggers one credit enquiry, which can shave a few points off your score temporarily. Multiple enquiries in a short window, for example applying with several lenders at once, has a larger impact, so it's better to compare first and apply once.
Are the figures in this calculator final?
No. They are estimates based on the rate, balance, term and switching costs you enter. The starting numbers in the form are illustrative calculator inputs. Actual savings depend on lender fees, your specific loan features, and any offer that applies at settlement. A listed or pre-filled rate is not a refinance quote.
Where do I compare refinance home loan rates after I model the gap?
On Ratesniffers' /home-loans/refinance hub. This calculator does not list lender rates or confirm eligibility. Compare refinance home loan rates there, then return here with your quoted rate, remaining term and switching costs. To compare all rates, use /home-loans.
Next: compare all refinance home loan rates, compare all rates on the purchase-style table, or estimate a new repayment with the repayment calculator.