Calculator
Refinance calculator
Put your current loan beside the one you are considering and see what actually changes, in the repayment and across the whole term.
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Compare your current loan with a refinance
Enter your existing loan and the terms you are considering. Your figures stay in your browser.
Fill in your balance, both rates and both terms and the comparison appears here.
Estimates only, based on a fixed rate for the full term and repayments made in arrears. They do not include fees or charges a lender may apply, and they are not an offer of credit. Fortnightly figures are the monthly repayment converted across the year, not a separate repayment schedule a lender has agreed to.
Get my quoteHow the refinance comparison works
Both sides of the calculation use the standard amortising formula. Your current loan is the balance you still owe, at the rate you are paying, across the months you have left. The new loan is the same balance at the rate you are considering, across the term you would take.
Because both sides clear the same principal, the difference between them is interest and nothing else. That is what makes the comparison honest. The saving shown is not a projection about the market, it is arithmetic on the two sets of numbers you entered.
Why a lower repayment is not always a saving
The quickest way to reduce a repayment is to spread it over more months, and that is exactly what a longer term does. The monthly figure falls, which feels like progress, while the total interest rises because you are borrowing the same money for longer.
The calculator reports both, and says so plainly when the refinance would cost more overall. That can still be the right call if cash flow is the pressure you are trying to relieve. It is a decision worth making with the full picture rather than the headline one.
When refinancing is worth a conversation
The usual triggers are a rate that no longer reflects your profile, a credit file that has improved since you took the loan out, or a structure that has stopped suiting you. Consolidating several asset loans into one repayment is another common reason, and so is coming off a fixed term.
Timing matters less than most people assume. Some lenders will consider a refinance a month into an existing loan, so being early in the term is not automatically a reason to wait. What matters is whether the numbers, including any exit costs, leave you in front.
What to have ready
A payout figure from your current lender, the rate you are on, and how many months remain. Those three set the whole left-hand side of the comparison. Add any exit or break cost your lender quotes you and the net saving accounts for it.
For the application itself you will need your licence, evidence of income, and the asset details including registration or hull identification. Your broker confirms what the recommended lenders ask for before anything is submitted.
Understanding your numbers
How repayments are calculated
Your repayment is determined by the loan principal, the interest rate and the loan term. A balloon payment reduces monthly repayments but leaves a lump sum owing at the end.
Refinancing replaces your existing loan with a new one, so the balance carries across and the old loan is closed at settlement.
A lower rate on the same remaining term reduces both the repayment and the total interest you still have to pay.
Stretching the term lowers the repayment but adds interest over the life of the loan, so the two figures can move in opposite directions.
Exit or break costs on the existing loan come off any saving, which is why the calculator asks for them separately.
Rate factors
What affects your interest rate?
How much is left on the loan
The balance still owing sets what the new lender is being asked to fund, and it moves every month you keep paying. A refinance late in a term is a smaller loan against an older asset, which narrows the field. Get the payout figure from your current lender rather than working from the original amount, because interest, timing and any fees already applied mean the two are rarely the same number.
Time remaining on the term
The months left decide how much interest is still ahead of you, and that is the pool any saving comes out of. A loan with six months to run has very little left to save, however sharp the new rate is. Your broker weighs the remaining term against the switching costs before recommending a move, and will say plainly when staying put is the better answer.
The asset behind the loan
A refinance is assessed on what the asset is worth now, not what it cost. Age, kilometres or hours, and condition all feed that, and most lenders cap how old the asset may be when the new loan ends. A car, caravan, boat and motorbike are each judged under their own policy, so the lender that suits one may have no appetite for another.
Your credit profile now
Circumstances change across a loan term, usually for the better. A cleaner file, a longer run in the same job or a stronger ABN history can move you into a different band from the one you were assessed in originally. That shift is often the real reason a refinance stacks up, more than any movement in the wider market.
Exit and break costs
Some lenders charge to close a loan out early, and on a fixed rate that can include a break cost that varies with how the loan was funded. Ask your current lender for the figure in writing before you decide. Enter it in the calculator and the net saving accounts for it, rather than showing you a headline number the switch would never actually deliver.
How the new loan is structured
Rate is one part of it. Repayment frequency, whether the loan carries a balloon, and how early repayment is treated all change what the switch is worth to you. A refinance is a chance to reset the structure, not only the rate, and the right structure depends on how long you plan to keep the asset.
Next step
Ready to see real numbers?
The calculator gives you a starting point. A broker compares lenders to find a rate and structure that suits your situation. Takes two minutes.
Step 1 of 3
What are you financing?
Select a finance type and tell us your loan amount.
Common questions