Refinance feasibility calculator

Rates move, your circumstances change, and at some point most homeowners ask the same question: would I be better off switching loans?

Our refinance feasibility calculator weighs your current loan against a new one, factoring in exit costs, application fees and the interest you’d actually save, to show whether refinancing clears the bar.

It’s a fast way to check before you spend hours comparing lenders yourself.

Refinancing means replacing your current home loan with a new one, often from a different lender, to get terms that better fit where you are now. Most people do it to chase a lower rate, cut their monthly repayment or draw on the equity they’ve built up.

It can also be a way to consolidate other debts, move from variable to fixed (or back again), or shorten your loan term. Done at the right time, it’s a genuine lever for paying off your home sooner or freeing up cash for renovations.

• Estimates your break-even point, which is when savings outweigh the switching costs.
• Accounts for discharge fees, new application fees and any lenders mortgage insurance.
• Compares your likely new repayment against what you’re paying now.
• Gives you a clear starting figure before you talk lenders with your adviser.

A calculator gives you a fast read, but a few factors decide whether refinancing is genuinely worth it for you.

• Interest rate difference: even a small drop can add up to real savings over the life of the loan.
• Remaining loan term: extending your term can lower repayments now, but often means more total interest.
• Upfront costs: discharge fees, application fees and LMI all need to be weighed against the savings.
• Accessing equity: refinancing can free up equity for renovations, investing or debt consolidation, but it changes what you owe.

Refinancing tends to make sense when you can secure a genuinely lower rate, switch to a loan with features you actually use (like an offset account) or need to restructure your debt. It’s less compelling if the fees eat most of the saving.

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