Refinance Calculator.
What is staying put actually costing you?
Lenders reserve their sharpest pricing for new customers, and a loan left alone quietly drifts above the market - the loyalty tax. This works out what that drift is costing you a month and over what is left of the loan, with the switching costs and the break-even included rather than hidden, so the answer survives scrutiny instead of just looking good.
Your loan today
What you could move to
Staying where you are is costing you
$1,200 to switch, paid back in 4.4 months. After that it is yours.
Repayment now
$3,731/mo
Repayment after
$3,460/mo
Break even
4.4 months
Saved over the loan
$80,027
The switch, honestly
How this is calculated＋
We work out the repayment on your balance at both rates over the years you have left, then run the loan month by month to compare total interest. Switching costs are netted off any cashback and paid back out of the monthly saving to give the break-even.
- Keeping the repayment the same is the bigger win. Taking the lower repayment feels better; leaving it alone puts the whole difference onto principal and takes years off the loan. Toggle it above and watch the two numbers move.
- A cashback is a one-off and a sharp rate is forever. It belongs in the sum, but it is the worst possible reason to choose a lender.
- Fixed loans can carry break costs that dwarf everything here, and they are not modelled - if you are fixed, ask before you do anything.
- Extending the term back out to 30 years lowers the repayment and quietly increases total interest. This keeps your remaining term so the comparison is honest.
The rate you can actually get depends on your equity, income and lender. LINK Advance checks it across 35+ of them - and keeps checking.
Talk to Advance →A guide only - not a quote, loan offer or credit assessment. Break costs, LMI, lender policy and your credit file all affect what is available. LINK Advance are licensed finance brokers.
Questions people ask
- Is it worth refinancing?
- The honest test is the break-even: divide what the switch costs by what you save each month. Under a year or two and it is usually clear-cut. Beyond that it gets finely balanced and depends on how long you plan to keep the loan. The calculator above works it out on your numbers rather than assuming.
- What does it cost to refinance a home loan?
- Typically somewhere around $1,000 to $1,500 all in - a discharge fee from the outgoing lender, application and valuation fees from the new one, and registration costs. Fixed loans can also carry break costs, which can dwarf everything else and are the one thing to check before you do anything.
- Should I keep my repayment the same after refinancing?
- If you can, yes - it is the bigger win by a distance. Taking the lower repayment feels better, but leaving the payment where it was puts the entire difference onto principal and can take years off the loan. Almost nobody does it, which is exactly why it is worth doing.
- Is a cashback offer a good reason to switch lenders?
- It belongs in the sum and it is the worst possible reason to choose a lender. A cashback is a one-off; a sharp rate compounds for the life of the loan. A slightly higher rate with a big cashback usually costs more within a couple of years.
While you're here
These are guides. For a number that accounts for your income, your lender and your situation, LINK Advance will run it properly - or book a discovery call.