True wellbeing begins at home.
See exactly how much you could save by switching your home loan - after all switching costs are factored in.
The saving depends on the rate difference, remaining loan balance and term. On a $500,000 loan with 25 years remaining, a 0.50% rate reduction saves approximately $160 per month and over $40,000 in total interest. Use the calculator above to model your specific situation.
Typical refinancing costs include a discharge fee from your current lender ($200 to $500), an application fee from the new lender ($0 to $600), and sometimes a valuation fee ($0 to $500). If you are on a fixed rate, a break cost may apply - this can be significant.
A standard refinance typically takes 4 to 6 weeks from application to settlement. Lendology manages the entire process - gathering documents, lodging the application, liaising with both lenders, and coordinating settlement.
The right time to refinance is when the net saving over your remaining loan term exceeds the switching costs - typically when you can reduce your rate by 0.30% or more with more than 10 years remaining. Lendology assesses your full position and gives you an honest recommendation.
Yes - you can refinance with less than 20% equity, but you may need to pay LMI again or use a lender that waives LMI for refinancers. Some lenders offer LMI waivers for certain professions or loan sizes. Lendology identifies the best option for your equity position.
Refinancing replaces your existing home loan with a new one - usually at a lower rate, with better features, or both. The question isn't whether you can refinance, but whether the savings outweigh the costs. This calculator helps you answer that question with real numbers.
The typical costs of refinancing include a discharge fee from your current lender ($150–$400), government registration fees ($150–$300), and potentially a new valuation fee. Some lenders also offer cashback incentives of $2,000–$4,000 to offset these costs. In most cases, if your new rate is more than 0.25% lower than your current rate, refinancing pays for itself within the first year.
What this calculator can't show you is the full picture of lender policies. Some loans have restrictive offset account rules, clawback clauses on cashback offers, or higher revert rates after a honeymoon period. At Lendology, we compare the true cost of refinancing across our full lender panel - including the fine print that comparison websites miss.
Enter your current loan balance, current rate, and the new rate you're considering. The calculator shows your monthly saving, annual saving, and total saving over the remaining loan term. For the most accurate comparison, also factor in any switching costs and check our guide to refinancing costs.
Not sure what rate you could get? Book a rate review - we'll pull your current loan details, compare options across 60+ lenders, and show you exactly what you'd save. No obligation, no cost.