Savings .com.au

Should I refinance my mortgage?

Refinancing a mortgage can be an effective way of moving from one home loan to a more suitable one for your needs. For example:

  • You might be paying too much in interest

  • You might be paying too much in fees

  • You might want a loan with better features

  • You might want to change home loan types, perhaps from owner-occupier to investor, or from principal and interest to interest-only

However, refinancing isn’t always an easy thing to do. There are many pros and cons and refinancing a home loan can involve considerable costs. It is a big decision to make. Refinancing to the wrong home loan could cost you in the long run, while refinancing to a better one could leave you thousands of dollars better off.

That’s where our mortgage refinance calculator can help.

Refinance home loan calculator

For help deciding if refinancing your mortgage is worthwhile, Savings.com.au’s home loan refinance calculator could be a good place to start.

To find out how much you could potentially save, enter the following info:

  • Loan amount

  • Term of the loan

  • Repayment frequency

Next, enter the details of your current loan:

  • Interest rate

  • Any ongoing fees 

  • Termination fees

Finally, fill in the details of the new loan you are considering, including:

  • Any introductory rate (if applicable)

  • Any introductory period (select ‘No’ if this does not apply

Then supply:

  • Ongoing rate of the new loan

  • Application fees

  • Ongoing monthly fees

  • Any other fees.

The calculator will compare repayments for your current and prospective new loans. It will also show you the total cost of both loans so you can more easily compare what will be the most economical option over the full term of the loan.


Looking for a home loan?

Buying a home or looking to refinance? The table below features home loans
with some of the lowest interest rates on the market for owner occupiers.

Lender

Variable
More details
  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Quick and easy online application process.
Disclosure

loans.com.au – Variable Home Loan P&I <90%

  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Quick and easy online application process.
Disclosure
Variable
More details
Built and funded by CommBank
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Disclosure
Built and funded by CommBank

Unloan – Variable Rate Home Loan LVR < 80%

  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Disclosure
Variable
More details
100% offset
  • Easy application. Fast approval. 100% offset.
  • Unlimited additional repayments free of charge.
  • Redraw available - Access additional payments.
Disclosure
100% offset

Ubank (part of NAB) – Flex variable home loan - 100% offset

  • Easy application. Fast approval. 100% offset.
  • Unlimited additional repayments free of charge.
  • Redraw available - Access additional payments.
Disclosure
Variable
More details
Up to $2k cashback (T&Cs apply)
  • Up to $2k cashback when you take a loan with us (Terms and Conditions apply)
  • Quick and Easy online application, with no upfront or annual fees.
  • Unlimited additional repayments free of charge.
Disclosure
Up to $2k cashback (T&Cs apply)

Regional Australia Bank – Home Loan without Offset - OO,PI LVR 60% or less

  • Up to $2k cashback when you take a loan with us (Terms and Conditions apply)
  • Quick and Easy online application, with no upfront or annual fees.
  • Unlimited additional repayments free of charge.
Disclosure
Variable
More details
Disclosure

Macquarie Bank – Offset Home Loan (Owner Occupier, Principal and Interest, max LVR 60%)

  • Check your eligibility in as little as one minute
Disclosure
Variable
More details

IMB Bank – Budget Home Loan (Principal and Interest) (LVR 90%-95%)

    Variable
    More details
    Disclosure

    Ubank (part of NAB) – Neat home loan - max. 60% LVR (Owner occupied, Principal and interest)

      Disclosure
      Variable
      More details

      ME – CompleteME Home Loan - LVR 60% to 80% - $150,000 to $400,000

        Variable
        More details

        Heritage Bank – Home Advantage Variable $150,000 to $249,999 LVR >80% to 90%

          Variable
          More details
          Disclosure

          Commonwealth Bank – Wealth Package Variable Home Loan (Principal and Interest) (LVR 80% - 90%)

            Disclosure
            VariableN/A
            More details

            P&N Bank – Basic Variable Home Loan >90% and =<95%

              Variable
              More details

              Great Southern Bank – Offset Variable - Owner Occupier Principal & Interest (LVR is above 80% and less than or equal to 90%)

                Variable
                More details
                Disclosure

                Ubank (part of NAB) – Neat home loan - max. 80% LVR (Owner occupied, Principal and interest)

                  Disclosure
                  Variable
                  More details
                  Disclosure

                  Macquarie Bank – Offset Home Loan (Owner Occupier, Principal and Interest, max LVR 80%)

                    Disclosure
                    Variable
                    More details
                    • Available for purchase or refinance, min 10% deposit needed to qualify.
                    • No application, ongoing monthly or annual fees.
                    • Quick and easy online application process.
                    Disclosure

                    loans.com.au – Variable Home Loan with Offset P&I <90%

                    • Available for purchase or refinance, min 10% deposit needed to qualify.
                    • No application, ongoing monthly or annual fees.
                    • Quick and easy online application process.
                    Disclosure
                    Variable
                    More details

                    Bank Australia Limited Trading as Qudos Bank – Qantas Points Home Loan (Owner Occupied) (PI) (LVR <80%) 10-20%

                      Variable
                      More details

                      AMP – Essential Home Loan (Owner Occupied, Principal and Interest, $250,000+ <= LVR 90%)

                        VariableN/AN/A
                        More details
                        Disclosure

                        Westpac – Flexi First Option Home Loan (Principal & Interest LVR 70-80%) (Promo)

                          Disclosure
                          Variable
                          More details

                          Bank of Queensland – Clear Path Variable Rate Home Loan Discount Rate (max 90% LVR)

                            Variable
                            More details

                            Suncorp Bank – Home Package Plus Personal Variable First Home Buyer Special (Principal and Interest) ($150k+, LVR 80%-95%)

                              Important Information and Comparison Rate Warning

                              Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of July 9, 2025. View disclaimer.

                              Important Information and Comparison Rate Warning