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Refinance Savings Calculator

What would switching actually save - after the costs? Estimates in 30 seconds, no sign-up needed. And if the answer is "not much", that's worth knowing too.

Use any advertised rate you're curious about - this is a what-if, not an offer.
Discharge + government + setup fees are commonly $700–$1,200. Fixed-rate break costs can be far more - check first.
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Monthly repayment change
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Interest difference over remaining term
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Months to recover switching costs

Want these numbers in your inbox? I'll email you this result - plus an honest read on whether switching looks worth it in your case, including if it isn't.

This calculator provides estimates only, based on the figures and assumptions you enter (principal-and-interest repayments, rates unchanged for the remaining term). It is not an offer of credit, a quote, or financial advice, and doesn't account for your full circumstances or all fees and charges. Lending criteria, fees and rates vary by lender and change over time. Talk to us for an assessment based on your situation.

How to Read Your Result

Three numbers matter. The monthly change is what you'd feel in your budget. The interest difference is the long-game number - small rate gaps compound into surprisingly large amounts over a full term. The break-even point tells you how many months of savings it takes to recover the cost of switching: under a year is usually compelling, two-plus years deserves a harder look.

What the calculator can't see

Whether you'd actually qualify with the new lender, whether a sharper rate exists than the one you typed in (this is where comparing 40+ lenders earns its keep), fixed-rate break costs, offset and package features worth more than a small rate gap, and cashback offers that change the maths. That's the gap between an estimate and an answer.

The honest bit

Sometimes the result of a proper comparison is "stay put" - the saving is real but too small to justify the hassle, or your current deal is genuinely competitive. I tell clients that regularly. The point of checking isn't to switch; it's to know.

Common Questions

Refinancing Questions, Answered Honestly

How much does refinancing save on average?+
It depends entirely on your loan size, current rate and the rate you move to. As a worked example, on a $600,000 loan with 25 years remaining, moving from 6.5% to 6.0% reduces repayments by roughly $190 a month - about $57,000 in interest over the remaining term, before switching costs. Your numbers will differ, which is why a calculator (and then a proper comparison) matters.
What are the costs of refinancing?+
Typically a discharge fee from your current lender (often $150–$400), government fees (a few hundred dollars), and sometimes application or valuation fees with the new lender - commonly $700–$1,200 all up. If you're on a fixed rate, break costs can be much larger and need checking before anything else. Many switchers recover these costs within months, but the break-even point is the number to check.
When is refinancing not worth it?+
When the monthly saving is small relative to switching costs, when a fixed-rate break cost outweighs the benefit, when your loan balance is small or nearly paid off, or when your circumstances have changed in a way that makes requalifying difficult. An honest broker will tell you to stay put in those cases - sometimes the best refinance is none.

Want the Real Answer Instead of an Estimate?

I'll check your loan against 40+ lenders and tell you straight - including if you're better off staying put. Obligation-free, and no fee charged to you.

Book a Complimentary Rate Check
📞 0477 979 377 ✉ michael@mochafinance.com.au