Mortgage calculator

Could refinancing be worthwhile?

Compare rates, cashback and switching costs. See the difference beyond the monthly repayment.

Refinancing explained

Refinancing moves your mortgage to another lender. Compare interest and the remaining debt alongside cashback, break fees, legal costs and cashback you may need to repay.

Example and common question

Illustrative example: A $600,000 loan over 25 years costs about $3,866 a month at 6%, or $3,685 at 5.5%. That $181 monthly difference is only part of the comparison. Switching costs and cashback also matter.

Does a lower repayment always mean a better deal?

No. Extending the loan term can reduce repayments while increasing total interest. Compare the same remaining term first.

Compare your lending

Use quoted rates and keep the remaining term the same for a fair comparison.

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Use your bank’s offered rate if you’re refixing.

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Choose a period covered by the quoted rates where possible.

Cashback and switching costs

Use confirmed dollar amounts. Enter zero where a cost does not apply.

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Get a dated quote from your current lender.

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Adding costs requires lender approval and increases the loan balance.

Example figures only. Replace them with your own numbers.

Estimated overall benefit

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Monthly repayment if you stay—
Monthly repayment if you switch—
Monthly cash-flow change—
Total switching costs—
New cashback less switching costs—
Costs added to new loan—
Immediate cash received / paid—
Cashback if you stay—
Interest difference over comparison—
Loan balance if you stay, at period end—
Loan balance if you switch, at period end—
Costs recovered within comparison—

Keep the whole picture in view

A lower repayment is not always a saving.

Cashback may need to be repaid if you leave the new lender early. Check the agreement before deciding.

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How this estimate works

Principal-and-interest loans, modelled monthly at the entered rates. Weekly and fortnightly timing, daily interest, future rate changes and tax are not modelled. Rates are assumed unchanged throughout the comparison period. These are hypothetical scenarios, not current lender offers.

Overall benefit = interest paid if you stay minus interest paid if you switch, plus new cashback, minus switching costs and cashback offered if you stay. Principal repayments are not counted as a cost saving. Financed costs and their interest are included. Surplus cashback is kept as cash, not paid into the loan.

The immediate cash figure does not include cashback offered if you stay, which is deducted separately in the comparison. Costs are assumed to occur immediately. Break-even means costs are covered by cashback and modelled interest savings and stay covered for the rest of the selected period. Future costs or cashback clawback are not forecast.

Use quoted break fees and old cashback repayment amounts. New cashback is assumed retained for this comparison. If you plan to sell or refinance inside the cashback commitment period, include the potential repayment in other costs or talk with us.

Estimates only. Not personalised financial advice or lending approval. Your lender's calculation and eligibility criteria may differ. Our disclosure statement.