Refinance Calculator
See what switching actually saves you — not just the monthly figure, but the total interest and how many months it takes to earn back the switching costs.
Your current loan
The loan you are considering
Discharge fee, application fee, valuation and government registration charges. Fixed-rate break costs are separate and can be much larger.
The trap in most refinance calculators
Nearly every refinance calculator shows you a lower monthly repayment and stops there. The number is real. The conclusion usually is not.
If you have 25 years left and refinance onto a fresh 30-year term, your repayment drops — but a good part of that drop is simply the debt being spread over five extra years, not the better rate. Over the full life of the loan you can pay more total interest while feeling like you saved money every month.
That is why this calculator defaults to comparing on your same remaining term. Switch to the 30-year view and watch what happens to total interest — the monthly figure improves and the total gets worse. Both are true at once, and only one of them is the thing you actually care about.
Find out if switching is worth it for you
The rate is only part of it. Break costs on a fixed loan, a valuation that comes in low, or an LVR above 80% can wipe out the saving entirely. We check all of it before you apply anywhere — free, no obligation, called back within 12 hours. 我们提供普通话/粤语服务。
Refinancing questions
Does a lower monthly repayment mean I saved money?
Not necessarily. Refinancing 22 years of debt onto a fresh 30-year term lowers the monthly figure because the debt is spread over eight more years. You can pay substantially more total interest while the monthly number looks better. Compare on the same remaining term to isolate what the rate is actually doing.
What does refinancing cost?
Typically a discharge fee from your current lender, an application or establishment fee with the new one, a valuation fee, and government registration charges. Fixed-rate loans can also attract break costs, which are calculated on the lender's funding position and are occasionally large enough to make switching pointless. Some lenders waive fees or offer cashback.
How long does it take?
Usually two to six weeks. The slowest step is often your existing lender processing the discharge, which the new lender cannot speed up.
What if my property has fallen in value?
The new lender revalues it. If that pushes you above 80% LVR you may face LMI, and LMI does not transfer between lenders — you would pay a fresh premium. That cost frequently exceeds the rate saving, which is why the valuation should be checked before you apply rather than after.
Is cashback worth chasing?
Sometimes, but run the numbers over several years rather than on the headline. A cashback attached to a slightly higher rate can cost more than it pays within two or three years. Put the cashback against the switching costs in this calculator and look at where the break-even lands.
Before you switch, check your LVR
If the new lender's valuation puts you above 80%, LMI enters the picture and does not carry across from your old loan. Worth knowing before you apply.
calculateLMI CalculatorThis calculator provides general information only and produces an estimate, not a quote. It does not take into account your objectives, financial situation or needs. It assumes principal and interest repayments at a constant rate and does not model offset accounts, redraw, fee structures, fixed-rate break costs or LMI. Actual savings depend on the loan product and lender assessment. Speak with a qualified mortgage broker before switching. Mortgage Bridge does not guarantee loan approval, any particular rate, or any particular outcome.