Mortgage refinance calculator

How to use the mortgage refinance calculator

1. Current loan balance and term

   Enter your remaining loan amount, current interest rate, years left on the term, and whether you pay monthly, fortnightly or weekly.

2. Current regular and end fees

   Add the regular account fee on your existing loan, select its frequency, and enter the discharge or end fee your current lender charges to leave.

3. New loan rates and fees

   Enter the new loan's introductory term in years, introductory rate, standard or revert rate, upfront refinance fees, and any ongoing regular fee.

4. Review the three scenarios

   Compare Scenario 1 (not refinancing), Scenario 2 (refinancing to the new minimum repayment), and Scenario 3 (refinancing while keeping your current higher repayment).

If you plan to keep paying extra on your current loan without switching banks, test that against Scenario 3 with the extra repayment calculator.

The calculator shows three scenarios: total interest and fees if you stay put, repayments and total savings if you pay the new minimum, and the extra interest and time saved by keeping your current higher repayment.

What the refinance calculation covers and misses

Refinancing as an Australian expat or visa holder

For an Australian expat refinance, the hurdle is rarely whether a lower rate saves money, but passing serviceability after 20% foreign income shading and APRA's 3.0 percentage point assessment buffer. Some lenders on our panel offer a 0% servicing buffer on eligible like-for-like refinances up to 80% LVR with no cash out, where other lending criteria apply.

If you bought on a temporary visa and now hold permanent residency, refinancing can open a wider range of lenders and rates up to 95% LVR. If your visa has changed or expired, your existing loan continues unchanged because lenders assess visa status at application, not as an ongoing condition.