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Refinance Calculator

See whether refinancing could lower your repayments or the total interest you pay, and how long switching costs take to pay back. Results are illustrations based on the rates you enter, not financial advice, a quote or an approval. When you're ready, send the comparison to Christian and he'll compare lenders for you.

Using the refinance calculator

  1. Enter your current loan balance, interest rate and remaining term.

  2. Enter the new interest rate and the costs of switching, such as discharge and application fees.

  3. The calculator compares your repayments and the total interest on each loan.

  4. It shows how long the switching costs take to pay back from the repayment saving. Before you switch, work through our refinancing checklist.

What it doesn’t include

  • Break costs on a fixed-rate loan, unless you enter them as switching costs.

  • Cashback offers and future changes to either interest rate.

  • Whether a new lender would approve the loan, including a current valuation of the property.

  • Changes to features such as offset accounts or redraw.

Questions people ask

When is refinancing worth it?

Generally when the saving over the time you expect to keep the loan is larger than the cost of switching. A lower rate on a longer term can lower repayments but cost more in total, so compare both the repayment and the total interest.

Can I refinance a fixed-rate loan?

You can, but leaving a fixed rate early can attract break costs, which can be significant. Ask your current lender for a break cost estimate before you decide.

Will refinancing affect my credit file?

Applying for a new loan records a credit enquiry on your file. Making several applications in a short time can affect how lenders view you, which is one reason to compare carefully before applying.

Can I release equity when I refinance?

Often, yes, subject to the lender’s assessment and loan-to-value limits. The usable equity calculator gives you a starting point.

Related: Refinancing · Usable equity calculator · Debt consolidation calculator · All calculators

General information only. It does not take your objectives, financial situation or needs into account.

READY TO DISCUSS YOUR RESULTS?

Calculator figures are a guide, not a credit assessment. Tell us what you're planning and we'll help you understand what the numbers mean for your circumstances.

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