Refinance Savings Calculator
Enter your current loan and a rate you've been offered to see how much refinancing could save you each month and over the remaining life of your loan.
Discharge + new loan fees, less any cashback
Monthly saving
$262.80
Annual saving
$3,154
Over the term
$87,500
Current repayment
$3,594.14/mo
New repayment
$3,331.34/mo
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Book with these numbersWhen should you refinance?
A good rule of thumb is to review your home loan every 1–2 years. Lenders often reserve their sharpest rates for new customers, so existing borrowers can quietly drift onto higher rates — known as the "loyalty tax". Refinancing resets you to a competitive rate and may unlock cashback offers. Before you switch, it's worth understanding what refinancing actually costs — most refinances run $500–$1,500 in fees, often covered by cashback.
Key terms explained
The main terms used in this calculator and its results.
- Comparison Rate
- A rate that combines the interest rate with most fees and charges into a single figure, making it easier to compare loans.
- Equity
- The difference between your property's market value and the amount you still owe on your loan.
- Fixed Rate
- An interest rate locked in for a set period, so your repayments stay the same regardless of market movements.
- Refinancing
- Replacing your existing home loan with a new one — often to get a lower rate, better features or to access equity.
- Variable Rate
- An interest rate that can move up or down over time in line with the market and lender decisions.
Frequently asked questions
Like what the numbers show?
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