Learn more about refinancing
How to use our refinancing calculator
Our refinancing calculator is easy to use and generates your results instantly. All you will need to do is add the following key details:
- Your current loan balance
- Number of years remaining on your loan term
- Your current interest rate
To get the best result, it’s important to enter your details as accurately as possible. This will allow you to get a good idea of how much you could save by switching to a lower rate or shortening your repayment period.
Keep in mind, refinancing calculators do not take certain important pieces of information into account including your personal financial situation, employment status or possible additional costs involved in switching from your current loan such as break fees and setup costs.
Why use a home loan refinancing calculator?
A refinancing calculator helps you compare your current home loan with a potential new one, so you can see how much you could save by switching. It estimates the difference in interest, repayments, and the total cost over the life of your loan, making it easier to decide whether refinancing is worthwhile. You should also consider any fees or charges involved in refinancing to ensure the savings still benefit you.
FAQs
At loans.com.au, you start the refinancing process by completing your application online. You then upload your documents and track your application progress to ensure it is approved through our onTrack portal. You should also request a Discharge Authority Form from your current lender.
Our lending specialist will guide you through the switch, after which you review and sign your loan documents. Once settlement occurs, your funds will be ready to be paid to your previous lender. You can then manage your repayments through our Smart Money app.
To learn more, refer to our Step-by-Step Guide to Refinancing your Home Loan, or contact our friendly lending specialist on 13 10 90.
It’s a good idea to review your home loan regularly to check if it still suits your circumstances and still represents good value. Refinancing your home loan can help you save money in the long run if you access a better interest rate, consolidate multiple debts into one repayment, or shorten your loan term.
Many homeowners choose to refinance when interest rates change, when their fixed rate expires, or when they find a more competitive home loan option.
Before refinancing, consider the costs involved such as loan application fees, discharge fees or break costs if you are leaving a fixed rate home loan. If you have less than 20% equity, you may have need to pay Lenders Mortgage Insurance, as prior LMI cannot be transferred to your new loan.
Read more about when to refinance your home loan.
Equity is the difference between your home’s current market value and the amount you still owe on your home loan. It represents the portion of the property you own. For example, if your home is valued at $350,000 and your loan balance is $200,000, you have $150,000 in equity.
When you refinance, you may be able to access some of this equity by increasing your loan amount. This is often used to fund home improvements, consolidate debts, or invest in another property. Keep in mind that accessing equity will increase your loan balance, which may change your repayments and the total interest you pay.
Find out more about accessing equity to buy another house.
To refinance, you’ll need documents such as payslips, and details of your existing loan.
For a comprehensive list of requirements read our guide on exactly which documents you’ll need to apply for a refinance.
Yes. While refinancing can save you thousands, there's a few upfront costs to consider like exit fees, break fees, application fees, security assessment fees and settlement fees. At loans.com.au, the only fees you will pay on your home loan is a one-off settlement fee of $300, and a security assessment fee which starts at $230 depending on the location of your property. Click here to learn more about the costs of refinancing your home loan.
Complete your home loan application in minutes
Applying online is easy. So is chatting with one of our friendly home lending specialists. The application is quick and simple. Get started online today, or give us a call if you prefer.
Choose a home loan that's right for you
You could lower your repayments in one easy switch.
Ready to buy your home? Getting pre-approved gives you peace of mind.
Flexible loan options to help you grow your investment portfolio.
Build your home with flexible progress payments and a competitive rate.
Get auction-ready with our competitive loans.
Let us take the complexity out of owning your first home.
Why Aussies choose us?
Apply anytime, and
from anywhere
Fast tracked pre-approval in minutes
Smarter lending to get you moving sooner
Online convenience,
local support
Sam
Kathryn
Lending Specialist
Real people, based in Brisbane, Australia
Our experienced home lending specialists are here to help. Let's chat about your home loan options today.