See how much a lower rate could save you, and how much sooner you could own your home.
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Your Current Loan
Enter each loan split you want to refinance, with its current and new rate.
Loan 1
New Loan Term
Switching Costs
Net Switching Cost
$608
Your refinance savings
Reduce your repayments by
$166
per month
That is $1,990 a year.
Keep paying what you pay now and you could save
$147,973
in interest
and own your home 3 years 10 months sooner.
Switching costs recovered in
3 months
Net switching cost $608
Net saving over 5 years
$12,180
At the minimum repayment, after interest, fees and switching costs
Your Options
Each option side by side. The lower rate saves you money either way; paying more than the minimum saves the most.
Stay where you are
Keep your current loan and rate.
Switch, pay the minimum
Move to the new loan and pay its lower minimum repayment.
Switch, keep paying $3,160
Move to the new loan but keep paying what you pay now.
Repayment Comparison (monthly)
| Current | New | Savings | |||||
|---|---|---|---|---|---|---|---|
| Loan | Loan Amount | Rate | Repayment | Rate | Repayment | Per month | Per Year |
| Loan 1Owner occupied, P&I | $500,000.00 | 6.50% | $3,160.34 | 5.99% | $2,994.54 | $165.80 | $1,989.62 |
| Total | $500,000.00 | $3,160.34 | $2,994.54 | $165.80 | $1,989.62 | ||
What This Means For You
Cost To Switch
$608, recovered in 3 months
After all costs, you are $12,180 better off over the first 5 years, even paying only the minimum.
Cost Over 5 Years
What each option costs you over the next 5 years, and what you still owe at the end.
| Stay | Refinanceminimum repayment | Refinancecurrent repayment | |
|---|---|---|---|
| Interest | $157,675 | $144,887 | $143,270 |
| Fees & switching | $0 | $608 | $608 |
| Total cost | $157,675 | $145,495 | $143,878 |
| Owing after 5 yrsafter offset / redraw | $468,055 | $465,214 | $453,649 |
Minimum repayment
$12,180better off
Current repayment
$13,797better off
Only interest and fees count as a cost. Repayments that reduce the balance are not a cost, because that money comes off what you owe.
The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-qualifications for a loan. The specific details of your loan will be provided to you in your loan contract. It is advised that you get in touch with us before taking out a loan so that we can provide you with advice that is tailored to your situation.