Refinance savings calculator (Australia)
See how much you could save by switching to a lower home loan rate. Handy for homeowners in Victoria, NSW, and across Australia before you speak to a broker.
Before you refinance
Comparing interest rates is a good first step, but the right refinance depends on your goals—lower repayments, shorter term, debt consolidation, or accessing equity. Lenders reassess income, expenses, and property value when you apply.
Frequently asked questions
How is refinance savings calculated?
This calculator compares your estimated repayment at your current interest rate with repayment at a lower rate on the same loan balance and remaining term. Monthly savings are multiplied for annual and lifetime estimates. Actual savings depend on fees, loan structure, and lender policies.
Does refinancing always save money?
Not always. Break fees, discharge fees, application fees, and Lenders Mortgage Insurance can affect net savings. A licensed mortgage broker can model your situation across lenders and explain costs before you switch.
Will refinancing reset my loan term?
You can often choose a new term when refinancing. Keeping the same remaining term may maximise savings on interest; extending the term may reduce repayments but increase total interest over time.
Can I refinance if rates have dropped?
Potentially. Serviceability, equity (loan-to-value ratio), and lender criteria still apply. Use this calculator for a high-level view, then take the refinance readiness check for a structured assessment.
Next steps
Estimates only—not credit advice. Continue with a pathway that matches your goal.
- Refinance readiness checkShort quiz and readiness score—then optional broker match.
- Borrowing power calculatorEstimate total borrowing capacity across your household.
Not sure where to start? Choose your intent on one screen.
This calculator provides general estimates only and does not constitute financial advice. CredoraLend AI is not a credit provider. We connect borrowers with licensed mortgage brokers.