Quickly estimate the impact refinancing could make on your mortgage repayments.
Interest rates from
6.04%
p.a.
Comp. rates from^
6.08%
p.a.
Variable Bare Home Loan 90% LVR
Borrow up to $2m with competitive variable rates from 6.04% p.a. (comparison rate^ 6.08% p.a.). Enjoy flexible payment options, zero monthly or ongoing fees, unlimited free redraws and up to 30 year terms. 90% Max LVR applies. Visit site for T&Cs and to check eligibility.
Here are the details you’ll need to enter about your existing and refinance home loan.
The interest rate you’re currently paying on your existing home loan.
The interest rate on the home loan you’re refinancing to.
Whether you’re making principal and interest or interest-only repayments.
The outstanding amount on your existing home loan.
The number of years remaining on your current home loan. (Keep in mind that some lenders may default your loan back to 30 years unless you ask them to calibrate the loan to your preferred term or match the remaining time on your existing loan.)
Once you’ve entered these details, our refinance calculator will give you an estimate of your new home loan repayments and how it compares to your current mortgage. You can choose to see weekly, fortnightly or monthly repayments.
Use the calculator on this page to see if refinancing your home loan is worth it. It will show you how your new mortgage repayments compare to your current home loan and how much you could save.
The interest rate will usually have the biggest impact on whether you’ll stand to benefit by switching loans, but there are other factors like the home loan fees that will contribute to your refinancing costs. These include exit fees, otherwise known as ‘break costs’, as well as other costs like establishment and valuation fees.
Be sure to check the fine print (of both your current and new loan) or speak to a mortgage broker if you’re unsure which fees may apply to your situation.
We surveyed over 1,000 Australians to find out how much their interest rate would need to drop before they’d consider refinancing.
A third (33.2%) said they’d refinance if the rate was at least 1% lower, while almost a quarter (23.1%) said a 0.50% drop would be enough. Meanwhile, 21.6% wanted a 0.75% decrease, and 9.8% said they’d switch lenders for just 0.25% cheaper. The remainder either didn’t know their current rate or weren’t actively managing their home loan.
This table shows how much your repayments could potentially change by refinancing to a new home loan.
Current home loan - 6.00% interest rate | |
Home loan amount | $400,000 |
Estimated monthly repayments | $2,461 |
Estimated monthly savings | ❌ |
New home loan - 5.50% interest rate | |
Home loan amount | $400,000 |
Estimated monthly repayments | $2,336 |
Estimated monthly savings | $125 |
Current home loan - 6.00% interest rate | |
Home loan amount | $600,000 |
Estimated monthly repayments | $3,691 |
Estimated monthly savings | ❌ |
New home loan - 5.50% interest rate | |
Home loan amount | $600,000 |
Estimated monthly repayments | $3.504 |
Estimated monthly savings | $187 |
Current home loan - 6.00% interest rate | |
Home loan amount | $800,000 |
Estimated monthly repayments | $4,921 |
Estimated monthly savings | ❌ |
New home loan - 5.50% interest rate | |
Home loan amount | $800,000 |
Estimated monthly repayments | $4,672 |
Estimated monthly savings | $249 |
Current home loan - 6.00% interest rate | |
Home loan amount | $1,000,000 |
Estimated monthly repayments | $6,151 |
Estimated monthly savings | ❌ |
New home loan - 5.50% interest rate | |
Home loan amount | $1,000,000 |
Estimated monthly repayments | $5,840 |
Estimated monthly savings | $312 |
| Home loan amount | Estimated monthly repayments | Estimated monthly savings | |
|---|---|---|---|
Current home loan - 6.00% interest rate | $400,000 | $2,461 | ❌ |
New home loan - 5.50% interest rate | $400,000 | $2,336 | $125 |
Current home loan - 6.00% interest rate | $600,000 | $3,691 | ❌ |
New home loan - 5.50% interest rate | $600,000 | $3.504 | $187 |
Current home loan - 6.00% interest rate | $800,000 | $4,921 | ❌ |
New home loan - 5.50% interest rate | $800,000 | $4,672 | $249 |
Current home loan - 6.00% interest rate | $1,000,000 | $6,151 | ❌ |
New home loan - 5.50% interest rate | $1,000,000 | $5,840 | $312 |
Our analysis of more than 20,000 home loan requests found that most owner-occupiers refinancing were joint applicants (61%), with the remaining 39% applying individually. Joint borrowers tended to refinance more expensive properties, with an average price of $1,263,856 – around 33.5% higher than the $946,875 average for individual borrowers.
Among investors refinancing their home loans, applications were fairly evenly split between individual and joint borrowers. Joint investors refinanced higher-value properties on average, at $1,131,220 – around 19.9% more than the $943,567 average for individual investors.
 | Laboratories Credit Union Simple Home Loan Owner OccupiedInterest rate 5.69% per annum (variable) Comparison rate 5.71% per annum App Fee: $200 Max LVR 95% | Compare now on Money.com.au or visit site |
 | South West Slopes Bank Intro Discounted Standard Variable Home LoanInterest rate 5.70% per annum (variable) Comparison rate 6.06% per annum Redraw Offset Max LVR 90% | Compare now on Money.com.au or visit site |
 | Pacific Mortgage Group Owner Occupied Variable Home LoanInterest rate 5.84% per annum (variable) Comparison rate 5.84% per annum Redraw Max LVR 80% | Compare now on Money.com.au or visit site |
 | Virgin Money Lite Home Loan VariableInterest rate 5.84% per annum (variable) Comparison rate 5.86% per annum Redraw Split Loan Max LVR 80% | Compare now on Money.com.au or visit site |
 | Gateway Bank Green Plus Home LoanInterest rate 5.85% per annum (variable) Comparison rate 6.14% per annum Redraw Offset Max LVR 80% | Compare now on Money.com.au or visit site |
It’ll cost you roughly $500-$2,000 to refinance a home loan in Australia. The actual amount it’ll cost to refinance depends on whether you’re refinancing to a new lender or just changing loans with your current lender. There are usually fees involved in switching, so make sure the new loan will save you money in the long run.
In most cases, a 1% drop in your interest rate makes refinancing worth it. For example, if you go from a 6.99% rate to 5.99%, you could save about $465 per month. This is based on a $600,000 owner-occupier home loan making principal and interest repayments with a 25-year term. This monthly saving adds up to roughly $5,580 a year.
While our refinance calculator is useful, it doesn’t cover everything. It doesn’t factor in the benefits of an offset account, savings from extra repayments, or the flexibility of a redraw facility. It also doesn’t account for factors like customer service quality and the ease of using banking apps, which might be important to you.
The best time to refinance your home loan is when you can get a lower interest rate that offsets the costs of switching. It’s also ideal when your financial situation improves, your credit score rises, or you want better loan terms. Additionally, refinancing is common among borrowers when interest rates drop or you’ve built up more equity in your home. Using a mortgage broker to refinance can also be a way of finding a better deal.
You’ll usually be in the best position to refinance if you have at least 20% equity in your home. For instance, if your home is worth $600,000, you’ll only owe $480,000 on your home loan. Having at least 20% in equity helps you qualify for better loan terms and avoid paying lender’s mortgage insurance (LMI).
Money.com.au analysed thousands of owner-occupiers refinancing their home loans and found the average equity to be $573,725. With an average property price of $1,139,808, this means the typical loan-to-value ratio (LVR) is just under 50%. Meanwhile, investors refinancing averaged $449,550 in equity on an average property price of $1,036,948 (56% LVR).
Home loan comparison rates are calculated based on a loan amount of $150,000 repaid over a 25-year term with monthly repayments. The comparison rates only apply to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan. Check with the provider for full loan details, including rates, fees, eligibility and terms and conditions to make sure the product is right for you.
General information only The information on this page is general in nature and has been prepared without considering your objectives, financial situation or needs. You should consider whether the information provided and the nature of any home loan product is suitable for you and seek independent financial advice if necessary.
We are not providing you with a recommendation or suggestion about a particular home loan. You should read the relevant disclosure statements or other offer documents before deciding whether to apply for or continue to use a particular product.
What products, features and information are shown While we make every effort to ensure all home loans available in Australia are shown in our comparison tables, we do not guarantee that all products are included.
Our product comparisons may not compare all home loan features and attributes relevant to you.
Product information, such as interest rates, fees and charges, is subject to change without notice. Before acting on any information, you should confirm the relevant product information with the lender.
How home loans are sorted and filtered by default When results load initially in the main comparison table on this page, we show relevant loans from our sponsored partners first, then all loans on our database starting with the lowest relevant rate available from each of Australia's top 10 largest lenders first (top 10 is according to APRA, based on total value of loans per lender). We know these are the rates our customers are most interested in seeing. After these initial results, we show all products on our database, sorted as follows:
Some home loan products listed in our tables are available through a mortgage broker. Mortgage brokers may not be able to offer loans from every provider and there may be more suitable loans for your personal circumstances.
Mortgage brokers are not authorised by Money Pty Ltd's Australian Credit Licence and operate under their own Australian Credit Licence, or as a credit representative of another Australian Credit Licensee. Mortgage brokers can make recommendations about home loan products that may suit your objectives, financial situation and needs.
Our tables feature all home loans available from lenders on our database that match the search criteria selected. Lenders do not pay to feature in our tables. Partner lenders with loans marked as ‘sponsored’ may pay a commission to Money.com.au if you click to visit their website.
If you get help from a mortgage broker as a result of visiting this page, we may earn a commission.
