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

Fixed
More details
  • Available for purchase or refinance. 90% LVR
  • Fast turnaround times. Can meet 30-day settlement
  • No monthly or ongoing fees, split with low-rate variable loan
Disclosure

loans.com.au – Fixed Rate OO P&I (3 years)

  • Available for purchase or refinance. 90% LVR
  • Fast turnaround times. Can meet 30-day settlement
  • No monthly or ongoing fees, split with low-rate variable loan
Disclosure
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.
Disclosure
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.
Disclosure
Variable
More details
  • 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
Disclosure

ubank, part of National Australia Bank – Neat home loan - max. 60% LVR (Owner occupied, Principal and interest)

  • 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
Disclosure
Variable
More details
4.6 Star Customer Ratings
  • Low rates for purchase and refinancing
  • Simple online application process
  • No fees, unlimited redraws, 0.10% offset
Disclosure
4.6 Star Customer Ratings

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

  • Low rates for purchase and refinancing
  • Simple online application process
  • No fees, unlimited redraws, 0.10% offset
Disclosure
Variable
More details
  • Get a tailored quote in as little as 3 minutes
  • Complete your application in 15 minutes
  • Get an answer fast from a banking specialist who will work with you through the application process
Disclosure

Macquarie Bank – Basic Home Loan (Owner Occupier, Principal and Interest, max 70% LVR)

  • Get a tailored quote in as little as 3 minutes
  • Complete your application in 15 minutes
  • Get an answer fast from a banking specialist who will work with you through the application process
Disclosure
Variable
More details
  • Make unlimited additional payments that you can redraw whenever you like
  • Skip the never-ending paperwork with a simple digital application
Disclosure

ubank, part of National Australia Bank – Neat home loan - max. 80% LVR (Owner occupied, Principal and interest)

  • Make unlimited additional payments that you can redraw whenever you like
  • Skip the never-ending paperwork with a simple digital application
Disclosure
Variable
More details
  • Reduce the amount of interest you pay with up to 10 offset accounts per loan account.
  • Get a tailored quote in as little as 3 minutes
  • Complete your application in 15 minutes
Disclosure

Macquarie Bank – Offset Home Loan (Owner Occupier, Principal and Interest, max LVR 70%)

  • Reduce the amount of interest you pay with up to 10 offset accounts per loan account.
  • Get a tailored quote in as little as 3 minutes
  • Complete your application in 15 minutes
Disclosure
Variable
More details
Disclosure

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

    Disclosure
    Variable
    More details
    • You must drawdown the eligible home loan within 120 days of applying.
    Disclosure

    ANZ – Simplicity PLUS Home Loan (Principal and Interest) (LVR < 70%) (New Customer) Special offer

    • You must drawdown the eligible home loan within 120 days of applying.
    Disclosure
    Variable
    More details
    Disclosure

    NAB – Tailored Home Loan Variable Rate - Principal and Interest LVR 60% or less

      Disclosure
      Variable
      More details
      Disclosure

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

        Disclosure
        Variable
        More details
        Disclosure

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

          Disclosure
          Variable
          More details

          Heritage Bank – Discount Variable $700,000+ LVR<=70%

            Variable
            More details

            Gateway Bank – Green Plus Home Loans

              Variable
              More details

              Bank Australia – Clean Energy Home Loan Package Eco/Eco Upgrade LVR <90%

                Variable
                More details

                Up – Up Home Variable (Principal & Interest) (LVR < 90)

                  Variable
                  More details

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

                    Variable
                    More details

                    Bank of us – FlexiDiscount Variable Rate Loan Special <80% LVR

                      Variable
                      More details

                      HomeStar – Star Essentials Owner Occupied

                        Variable
                        More details

                        Horizon Bank – Home Sweet Home Loan LVR <= 70%

                          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 October 6, 2024. View disclaimer.

                          Important Information and Comparison Rate Warning