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
4.6 Star Customer Ratings
  • No monthly or ongoing fees
  • Unlimited free redraw
  • No application fee
4.6 Star Customer Ratings

loans.com.au – Variable Home Loan (LVR < 90%)

  • No monthly or ongoing fees
  • Unlimited free redraw
  • No application fee
Variable
More details
Apply In Minutes
  • 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.
Apply In Minutes

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.
Variable
More details
Unlimited Redraws
  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
Unlimited Redraws

ubank – Neat Variable Home Loan (Principal and Interest) (LVR < 60%)

  • No annual fees - None!
  • Get fast pre-approval
  • Unlimited additional repayments free of charge
  • Redraw freely - Access your additional payments when you need them
  • Home loan specialists available today
Variable
More details
No hidden feesFree redraw facility
No hidden feesFree redraw facility

Tiimely Home – Live-in Variable Loan Home Loan (Principal and Interest) (LVR < 90%)

    Variable
    More details
    • Up to $4,000 when you refinance with an IMB home loan.

    IMB Bank – Budget Home Loan (Principal and Interest) (LVR < 70%)

    • Up to $4,000 when you refinance with an IMB home loan.
    Variable
    More details
    • Estimate your borrowing power in as little as 1 minute
    • Complete your application in as little as 15 minutes

    Macquarie Bank – Basic Home Loan (Principal and Interest) (LVR < 60%)

    • Estimate your borrowing power in as little as 1 minute
    • Complete your application in as little as 15 minutes
    Variable
    More details
    • Estimate your borrowing power in as little as 1 minute
    • Complete your application in as little as 15 minutes

    Macquarie Bank – Offset Package Home Loan (Principal and Interest) (LVR < 60%)

    • Estimate your borrowing power in as little as 1 minute
    • Complete your application in as little as 15 minutes
    Variable
    More details

    ubank – Neat Variable Home Loan (Principal and Interest) (LVR ≤ 80%)

    • Home loan specialists available today
    Variable
    More details
    • Estimate your borrowing power in as little as 1 minute
    • Complete your application in as little as 15 minutes

    Macquarie Bank – Basic Home Loan (Principal and Interest) (LVR 70%-80%)

    • Estimate your borrowing power in as little as 1 minute
    • Complete your application in as little as 15 minutes
    Variable
    More details

    Commonwealth Bank – Wealth Package Variable Home Loan (Principal and Interest) (LVR 70% - 80%)

      Variable
      More details

      NAB – Base Variable Home Loan (Principal and Interest) (New Customer)

        Variable
        More details

        Westpac – Flexi First Option Home Loan (New Customer) (LVR > 80%)

          Variable
          More details

          ANZ – Standard Variable Home Loan (Principal and Interest) (LVR < 80%)

            Variable
            More details

            loans.com.au – Solar Home Loan (Principal & Interest) (LVR < 90%)

              Variable
              More details

              Heritage Bank – Discount Variable Home Loan ($150k+) (LVR < 70%)

                Variable
                More details

                People's Choice – Package Variable Home Loan (Principal and Interest) (New Customer) ($100k+) (LVR < 70%)

                  Variable
                  More details

                  Bendigo Bank – Express Home Loan (Principal and Interest)

                    Variable
                    More details

                    HSBC – Home Value Home Loan (Principal and Interest) (LVR < 70%)

                      Variable
                      More details

                      MOVE Bank – Everyday Home Loan (Principal & Interest) LVR < 80%

                        Variable
                        More details

                        Suncorp Bank – Personal Purpose Back to Basics Special (Principal and Interest) (LVR ≤ 60%) (New Customer)

                          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 15, 2024. View disclaimer.