Home Loan Refinance Calculator

Q: What Are The Costs Of Refinancing?

A home loan application or establishment fee anywhere between $500-$1,000 may apply Upfront switching fees can range anywhere from $1,000-$2,000 Exit fees were banned by the government but can still be applied if your mortgage has been with the same lender since before 1 July 2011 Exit fees can be applied with the total estimated cost of $350-$395 A final discharge fee, termination fee or settlement fee may be charged by the lender, ranging from $150-$400 The lender will charge you around $400-$500 to perform a professional valuation of your property Break cost, early termination, deferred establishment or early discharge fees typically apply when you refinance within the fixed-term period and they can be upwards of $400 Stamp duty may apply if you increase your mortgage for cash out or equity release purposes Lenders Mortgage Insurance applies if your mortgage is for more than 80% of the property value Other Costs You Need to Consider Some lenders charge both a monthly and annual account keeping fee of $100 or more a year, particularly if youre on a professional package with an offset account or you have an investment loan Some lenders charge $50 or more for each withdrawal from a redraw facility, while others dont charge any fee

Q: Is It Worth Paying The Break Cost?

Depending on how much you stand to save by switching to a cheaper interest rate with another lender, it may be worth paying the break cost. Speak to one of our mortgage brokers to calculate your long-term savings from getting a cheaper interest rate today, rather than waiting for your fixed term to end. Try our break costs calculator to get an idea of how much your break costs will be before talking to our mortgage broker. Alternatively, fill in our online enquiry form to discuss your refinancing plans.

Q: Do You Qualify for A Refinance Rebate?

A number of major banks and lenders offer refinance rebates and cashback if you move your current mortgage over to them. Note: You usually have to move quickly and specific requirements apply!

GET A FREE ASSESSMENT

Refinancing means paying off your existing home loan by taking out a new loan, either with your current lender or through a different one.

If you are seeking a lower interest rate, it is logical to assess your current home loan before refinancing, particularly with banks offering refinance cashback and waived application fees.

How Can a Refinance Calculator Help Me?

The refinance calculator is designed to help you figure out how much money and loan-term time you could potentially save by switching home loans.

Before utilizing this tool, you must be clear about your specific goals for the next home loan.

To receive an accurate assessment, you will need to input details regarding both your current and potential new loan:

Enter your current home loan balance
Enter your current interest rate
Enter your remaining loan term
Enter your repayment frequency – whether you make monthly or fortnightly repayments
Enter your monthly account keeping fee, if applicable
Enter your discharge fee (and exit fee, if applicable)

For the new home loan, all you need to do is enter:

Your introductory term
Your introductory or honeymoon interest rate
The revert rate
The upfront switching fee, if applicable
The ongoing fee, monthly or annual, if applicable

The calculator results typically display three distinct scenarios to assist your decision:

Scenario 1: Your monthly repayments if you do not switch loans.
Scenario 2: How much you will save (or lose) by switching and making minimum repayments.
Scenario 3: How much you will save by switching but continuing to make your old (higher) monthly repayments at the new lower rate.

What Are the Main Benefits of Refinancing?

Common goals and benefits associated with refinancing include the following:

Getting a better interest rate to reduce the overall size of your mortgage.
Reducing your monthly repayments to free up cash flow.
Securing a competitive rate from a major lender after fixing past credit issues.
Accessing equity to renovate, build, buy investment property, or fund a holiday.
Consolidating various debts into one monthly repayment.

Should I Refinance My Home Loan?

Whether or not you should refinance your home loan depends on various factors. Most importantly, you need to be confident that you’ll be getting a better deal than your existing home loan. That’s why it’s important to compare your options properly, with the help of experts, before applying to refinance. You also need to be aware of the pros and cons of refinancing:

Pros	Cons
You can get a better interest rate	You have to pay additional costs associated with refinancing
Your lender might offer you a better deal	Your new home loan might be less flexible
You can switch to a different lender for a better deal	You may have to pay LMI twice
You can benefit from refinancing rebates and cashback	You might get enquiries on your credit file

If you’re unsure about whether refinancing will save you money, call us on 1300 889 743 or enquire online.

Frequently Asked Questions About Refinancing

How Much Can I Save With Refinancing?

Before moving forward with the refinancing process, you need to confirm that you’ll be saving money with your new home loan, compared with your existing one. Otherwise, you might easily lose money instead, with the associated costs of refinancing.

What Are The Costs Of Refinancing?

Is It Worth Paying The Break Cost?

Do You Qualify for A Refinance Rebate?

Trust Home Loan Experts To Help You

We have thousands of five-star reviews and testimonials on Product Review, Google Review and Facebook.

4.8 out of 430+ reviews

4.8 out of 1000+ reviews

4.9 out of 2000+ reviews

What Our Customers Say About Us

Made first home buying a breeze!I cannot thank Rob, Rabin and Nikhil enough. They made the process so simple and stress free, especially for a first home buyer.

Always there to answer all our queries and give us their professional advise as well. I definitely recommend them to anyone who is thinking of buying their first home.

My partner and I approached Home Loan Experts for our first home loan. The whole process was incredibly efficient.

Excellent service at every step, they organised a LMI free loan due to me being a registered nurse and they were able to secure us an excellent interest rate.

Thanks to Home loan experts, I realised that it was possible to in fact increase my existing borrowings up to 90% LVR for being a CPA on $150k+ income without having to pay an arm and a leg in LMI

I have very good experience, always received prompt responses during the stage construction loan process.

View more testimonials

Home Loan Refinance Calculator

How Can a Refinance Calculator Help Me?

What Are the Main Benefits of Refinancing?

Should I Refinance My Home Loan?