Calculator

Refinance calculator

Compare your current rate with a new one and see what you'd save each month, over the rest of your loan, and how long it takes to cover the cost of switching.

Compare your rate

Enter your loan and the rate you've been offered, or one you've seen advertised, to see what changes.

Discharge and government fees, any new lender fees, and break costs if you're on a fixed rate.

Want a lender-accurate figure? We'll compare rates across 40+ lenders, including whether your own lender will match, and handle the switch for you.

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What to count as switching costs

  • Discharge fee from your current lender.
  • Government fees to register the new mortgage and remove the old one.
  • New lender fees, such as application, valuation or annual package fees.
  • Break costs if you're leaving a fixed rate early. These can be large, so ask your lender for a quote first. See should you fix your rate?
  • Lenders mortgage insurance if you owe more than 80% of your home's value.

An example

On a $500,000 loan with 25 years left, moving from 6.50% to 6.00% would cut repayments from about $3,376 to $3,222 a month, a saving of about $155 a month or $1,854 a year.

Example only. Principal and interest repayments, rates unchanged, before switching costs.

Keep an eye on the loan term

This calculator keeps the years left on your loan the same. If a new lender resets your loan to 30 years, your repayments fall further, but you'll pay interest for longer and may pay more in total. You can usually keep paying your old repayment amount to stay on track.

Not sure what rate you could get?

Use our Free Rate Check. It doesn't involve a credit check, and we'll compare what's available across 40+ lenders. It's also worth asking your current lender for a better rate. Many will offer one to keep you, and cashback offers are covered in cashback: worth it or marketing spin?

Information is general and correct as at October 2026. Results are estimates only.

Questions

Quick answers

How much could I save by refinancing?

It depends on the rate difference, your balance and the time left on your loan. On a $500,000 loan with 25 years left, a rate 0.5% lower saves about $155 a month, before switching costs.

What costs are involved in refinancing?

Usually a discharge fee from your current lender, government fees to register and remove mortgages, and any new lender fees. Leaving a fixed rate early can add break costs, and you may pay lenders mortgage insurance if you owe more than 80% of your home's value.

Should I keep the same loan term when I refinance?

Keeping the same term means you'll pay the loan off on the same date and save the most interest. Stretching it back to 30 years lowers your repayments but usually costs more in total.

Should I ask my current lender for a better rate first?

Yes. Many lenders will lower your rate to keep you, and it costs nothing to ask. If they won't, comparing other lenders shows what you could save by moving.

Paying too much?

Book a free chat or use our Free Rate Check. We'll compare 40+ lenders and handle the switch.

Book a free chat Call 0402 370 428

General information only. Not financial advice. It doesn't take into account your objectives, financial situation or needs. Speak to a licensed broker about your situation.

Calculator results are estimates based on the details you enter and general assumptions. They are not a quote, a pre-approval or an offer of credit.

Lending criteria, fees and charges apply, and all loans are subject to lender approval.

Monza Finance Pty Ltd, ABN 21 617 504 186. Michael Barton is an Authorised Credit Representative (CRN 497244) of LMG Pty Ltd, Australian Credit Licence 390222.

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