Australia Refinance Calculator

It depends on the gap between your current rate and the new rate, and the fees involved. For example, refinancing a $500,000 balance from a 6.8% rate (with 27 years remaining) to a 5.9% rate over the same remaining term cuts the monthly repayment noticeably, and modest new loan fees are typically recouped within a handful of months — especially if a cashback offer helps offset them. Use the calculator above with your own numbers for an exact figure.

Typical costs include a discharge fee from your current lender, application and settlement fees from the new lender, and government mortgage registration fees. If you're breaking a fixed-rate term early, you may also face a break cost (sometimes called an economic cost), which can be substantial depending on how much rates have moved and how much of your fixed term remains — always get an exact discharge/break cost quote from your current lender before refinancing mid-term.

Many Australian lenders offer a one-off cashback incentive (commonly a few thousand dollars) to attract refinancing customers, paid after settlement. This calculator lets you enter a cashback amount, which reduces your net upfront cost and can meaningfully shorten (or even eliminate) your break-even period — though it's worth checking the ongoing rate and any "clawback" clauses that could apply if you refinance away again within a short period.

It's how many months it takes for your monthly saving on the new loan to add up to more than your net upfront cost (new loan fees plus any break cost, minus any cashback). If the break-even point is, say, 4 months, you come out ahead from month 5 onward. If the new deal doesn't lower your monthly repayment — or the fees are never fully recouped — the calculator tells you plainly rather than showing a misleading number.

Yes — this is a common reason Australians refinance, often called a "cash-out refinance" or increasing the loan to access equity for renovations, investment, or other purposes. Lenders generally cap this at 80% LVR of your home's current valuation without triggering LMI (or a higher LVR with LMI, subject to lender policy). This calculator focuses on comparing repayments between your current and new rate on the SAME balance, so add any extra funds you're drawing out to the new balance manually if you're refinancing to access equity.

It can be, if the rate improvement is large enough to outweigh the break cost for leaving your fixed-rate term early. Since break costs scale with both your remaining fixed term and how much rates have moved since you fixed, refinancing tends to make more sense either close to the end of your fixed term (when the break cost shrinks) or when rates have moved enough to produce a large ongoing saving. Get an exact break cost quote from your current lender before deciding.