Refinance Home Loan Calculator

Here are the details you’ll need to enter about your existing and refinance home loan.

Current interest rate
The interest rate you’re currently paying on your existing home loan.
New interest rate
The interest rate on the home loan you’re refinancing to.
Repayment type
Whether you’re making principal and interest or interest-only repayments.
Current loan balance
The outstanding amount on your existing home loan.
Loan term remaining
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.

How do you calculate if it’s worth refinancing?

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.

This table shows how much your repayments could potentially change by refinancing to a new home loan.

	Current home loan - 6.50% interest rate
Home loan amount	$400,000
Estimated monthly repayments	$2,588
Estimated monthly savings	❌
	New home loan - 6.00% interest rate
Home loan amount	$400,000
Estimated monthly repayments	$2,461
Estimated monthly savings	$127
	Current home loan - 6.50% interest rate
Home loan amount	$600,000
Estimated monthly repayments	$3,882
Estimated monthly savings	❌
	New home loan - 6.00% interest rate
Home loan amount	$600,000
Estimated monthly repayments	$3.691
Estimated monthly savings	$191
	Current home loan - 6.50% interest rate
Home loan amount	$800,000
Estimated monthly repayments	$5,176
Estimated monthly savings	❌
	New home loan - 6.00% interest rate
Home loan amount	$800,000
Estimated monthly repayments	$4,921
Estimated monthly savings	$255
	Current home loan - 6.50% interest rate
Home loan amount	$1,000,000
Estimated monthly repayments	$6,470
Estimated monthly savings	❌
	New home loan - 6.00% interest rate
Home loan amount	$1,000,000
Estimated monthly repayments	$6,151
Estimated monthly savings	$319

	Home loan amount	Estimated monthly repayments	Estimated monthly savings
Current home loan - 6.50% interest rate	$400,000	$2,588	❌
New home loan - 6.00% interest rate	$400,000	$2,461	$127
Current home loan - 6.50% interest rate	$600,000	$3,882	❌
New home loan - 6.00% interest rate	$600,000	$3.691	$191
Current home loan - 6.50% interest rate	$800,000	$5,176	❌
New home loan - 6.00% interest rate	$800,000	$4,921	$255
Current home loan - 6.50% interest rate	$1,000,000	$6,470	❌
New home loan - 6.00% interest rate	$1,000,000	$6,151	$319

This example is based on an owner-occupier home loan over 28 years with principal & interest repayments. Other fees and charges applied by lenders would also affect the repayment amount.

Home loans guides & resources

What's the next step on your property journey? Our home loan guides will help you navigate the road ahead, whether you're buying, building or looking to save on an existing loan.

Home loan types

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Options compared

Looking to refinance to a lower rate?
See a selection of low-rate home loans for owner-occupiers looking to refinance. Estimated repayments are based on a loan amount of $500k over 30 years.
Rates updated 27 August 2025
Important Disclosures
	Easy Street 2 year fixed home loan special Interest rate 4.69% per annum (fixed 2 years) Comparison rate 5.26% per annum Redraw Offset App Fee: $500 Max LVR 80% Repayments from $2,590 Fixed paying Principal & Interest	Compare now on Money.com.au or visit site
	Easy Street 2 year fixed home loan special Interest rate 4.69% per annum (fixed 2 years) Comparison rate 5.26% per annum Redraw Offset App Fee: $500 Max LVR 80% Repayments from $2,590 Fixed paying Interest only	Compare now on Money.com.au or visit site
	Pacific Mortgage Group Fixed Home Loan Interest rate 4.84% per annum (fixed 3 years) Comparison rate 5.06% per annum Max LVR 80% Repayments from $2,635 Fixed paying Principal & Interest	Compare now on Money.com.au or visit site
	Pacific Mortgage Group Fixed Home Loan Interest rate 4.84% per annum (fixed 2 years) Comparison rate 5.08% per annum Max LVR 80% Repayments from $2,635 Fixed paying Principal & Interest	Compare now on Money.com.au or visit site
	Pacific Mortgage Group Fixed Home Loan Interest rate 4.84% per annum (fixed 1 year) Comparison rate 5.11% per annum Max LVR 80% Repayments from $2,635 Fixed paying Principal & Interest	Compare now on Money.com.au or visit site

See a selection of low-rate home loans for owner-occupiers looking to refinance. Estimated repayments are based on a loan amount of $500k over 30 years.

Rates updated 27 August 2025

Important Disclosures

Easy Street 2 year fixed home loan special

Interest rate

4.69%

per annum (fixed 2 years)

Comparison rate

5.26%

per annum

Redraw

Offset

App Fee: $500

Max LVR 80%

Repayments from

$2,590

Fixed paying Principal & Interest

Compare now

on Money.com.au

or visit site

Easy Street 2 year fixed home loan special

Interest rate

4.69%

per annum (fixed 2 years)

Comparison rate

5.26%

per annum

Redraw

Offset

App Fee: $500

Max LVR 80%

Repayments from

$2,590

Fixed paying Interest only

Compare now

on Money.com.au

or visit site

Pacific Mortgage Group Fixed Home Loan

Interest rate

4.84%

per annum (fixed 3 years)

Comparison rate

5.06%

per annum

Max LVR 80%

Repayments from

$2,635

Fixed paying Principal & Interest

Compare now

on Money.com.au

or visit site

Pacific Mortgage Group Fixed Home Loan

Interest rate

4.84%

per annum (fixed 2 years)

Comparison rate

5.08%

per annum

Max LVR 80%

Repayments from

$2,635

Fixed paying Principal & Interest

Compare now

on Money.com.au

or visit site

Pacific Mortgage Group Fixed Home Loan

Interest rate

4.84%

per annum (fixed 1 year)

Comparison rate

5.11%

per annum

Max LVR 80%

Repayments from

$2,635

Fixed paying Principal & Interest

Compare now

on Money.com.au

or visit site

FAQs about calculating refinance costs

How much does it cost to refinance a home loan?

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.

Is a 1% reduction in my interest rate enough to refinance?

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.

Is there anything a refinance calculator doesn’t factor in?

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.

What’s the best way to get a good deal when refinancing?

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.

How much equity do I need to refinance?

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).

Important Disclosures

^Comparison rate warning

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.

Products, features and information displayed

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

Users can easily change the sort order and apply product filters to our product comparison tables. However, when you arrive on a page initially, by default home loans are sorted by:

Lowest regular repayment amount, then;

Loans interest rate, then;

Lowest comparison rate, then;

Provider name (A-Z)

Home loans available though a broker

Some home loan products listed in our tables are available through a mortgage broker. These are the products with an option to ‘Check Eligibility on Money.com.au’. 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 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.

Commission we may earn

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, nor do we earn commission if you click to visit a lender’s website. The order of the products in the table is not influenced by any commercial arrangements.

If you get help from a mortgage broker as a result of visiting this page, we may earn a commission.