Property & Home · Refinance

Refinance Calculator — Should you switch?

Compare your current loan to a new rate, factor in switching costs, and see your break-even point.

What you enter

  • Loan balance
  • Current rate
  • New rate
  • Years remaining
  • Switching cost

How this is calculated

We calculate your current monthly repayment at your existing rate and the new repayment at the proposed rate over your remaining term, then compare. The break-even point is your switching cost divided by the monthly saving — after that many months, the switch is pure saving. Lifetime figures show the total interest difference over the remaining term.

Common questions

What switching costs should I include?

Typical costs: discharge fee ($150–$400), new-loan application or settlement fees ($0–$700), and government mortgage registration/transfer fees (a few hundred dollars). If your current loan is fixed, add break costs — these can be thousands and often kill the case for switching mid-fixed-term.

Is a lower rate always worth switching for?

Not automatically. A 0.1% saving on a small balance can take years to recoup the costs, and restarting a 25-year term at a lower repayment can cost more in lifetime interest. The break-even figure here tells you how long you need to keep the new loan for the switch to pay off.

Can I just ask my current lender for the lower rate?

Often, yes — retention teams frequently match or approach a competitor's rate to avoid losing the loan, which makes the saving free. A documented refinance offer is useful leverage.

How does it rank?

Once you have your result, see how your number compares against your demographic with our full money rank — by age, sex, state and household composition.

Methodology & data

PRINCIPAL & INTEREST · INDICATIVE. Australian context, FY 2026–27 tax brackets by default (15% lowest marginal rate from 1 July 2026) with a financial-year selector on tax calculators. Calculations are indicative and based on simplified public models — not personal financial, tax or legal advice. See the full disclaimer.

Primary data sources

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