Mortgage Switching Calculator – Should You Refinance?
Refinancing isn’t just about chasing a lower rate.
What matters is how it affects your repayments, your total interest, and how long the loan really takes to pay off.
What this calculator helps you see
Refinance Savings Calculator
Compare your current loan against a proposed refinance option and see the potential repayment change, interest savings and time saved.
Current Loan
Proposed Refinance
Repayment comparison mode
Compare the proposed minimum repayment, keeping your current monthly repayment, or paying half your current monthly repayment every fortnight.
Estimated Results
This calculator is a general estimate only. Where other debts are entered, their balances and repayments are included, but their existing interest and fees are not. It assumes consistent interest rates and monthly repayments, except in the fortnightly mode where it assumes 26 equal repayments per year. It does not account for offset balances, future rate changes, lender-specific fees, cashback eligibility, break costs, tax outcomes or personal advice considerations.
Take action today and start saving
Finding A Lower Rate Is Easy
But .... Refinancing the SMART way will save you more!
Switching Lenders FAQ
How do I know if refinancing is worth it?
If the savings in interest and years outweigh the costs (and the new loan fits your goals), it can be worth it. This calculator shows estimated savings, and then we can sanity-check it against real lender pricing and fees.
Is it better to reset to 30 years or keep the same remaining term?
Resetting can reduce the minimum repayment, but it can also increase total interest over time. If you can afford it, keeping your repayment closer to what you pay now can accelerate the time to pay off your home loan.
What’s the difference between a lower rate and a better outcome?
A lower rate helps, but the outcome depends on the term you choose, any fees, and whether you maintain (or increase) repayments. The results toggle helps you quickly compare those approaches.
Will I always save money by refinancing?
Not always. If fees are high, the rate difference is small, or you extend the term and reduce repayments, the long-term cost can rise. A comparison like this keeps it honest.
Does refinancing affect my borrowing capacity?
Refinancing can sometimes improve borrowing capacity by resetting the loan term, which may reduce the repayment used in lender assessments.
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Your Home Loan Consultant - Mortgage Broker Brisbane - ABN 78 596 155 035. James Sylvester is a Credit Representative No. 400033 of BLSSA Pty Ltd ACN 117 651 760 (Australian Credit Licence 391237). Member of the Australian Financial Complaints Authority (AFCA member 48768).
The information provided on this site is on the understanding that it is for illustrative and discussion purposes only. Whilst all care and attention is taken in its preparation, any party seeking to rely on its content or otherwise should make their own enquiries and research to ensure its relevance to your specific personal and business requirements and circumstances. Terms, conditions, fees and charges may apply. Normal lending criteria apply. Rates subject to change. Approved applicants only.
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