Opes Financial

Refinance calculator.

A refinance calculator for Australian home loans. Find out what refinancing would actually save you. Compare your current rate to a new one. The break-even line tells you how long it takes to recover switching costs.

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Overhead view of two side-by-side rate-sheet documents on a polished desk each held by a brass clipboard clip with a fountain pen between them.
Inputs
Result
Monthly saving
$348.07
Current monthly repayment
$4,532.05
New monthly repayment
$4,183.99
Annual saving
$4,177
Break-even on switching costs
3 months
Total saving over remaining term
$103,620

Calculations are based on a straight rate-comparison assuming you maintain the same loan term. Refinancing to a longer term can reduce repayments but increase total interest. The switching cost figure is a rough average; the actual cost depends on your current lender, loan type, and the new lender's policy. Have a chat to run the numbers against a specific lender on our panel.

The honest version

Headline rate vs comparison rate.

Lenders advertise the lowest rate and bury the fees in the comparison-rate footnote. Refinancing on the wrong number loses you more than it saves.

  • Rule of thumb. Aim for a rate at least 0.30 percentage points below your current rate. Below that, switching costs and LMI risk often eat the saving. The long-form refinancing guide walks through the rest of the decision.
  • Check your fixed rate first. Break costs on a fixed-rate loan can run into the thousands and make refinancing uneconomic until the fixed period ends.
  • Watch LVR. If property values have moved against you and your loan-to-value ratio has crept past 80%, the new lender may require LMI on the refinance even if you weren't paying it before. The borrowing capacity tool is a quick way to check what a new lender would actually approve.
  • Cashback offers. Worth taking when the new lender's comparison rate is competitive. Worth ignoring when the cashback is the only reason the offer looks good — the rate usually drifts up in year two.

Common questions

Use a real rate from a lender on the 50+ panel. If you don't have one yet, RBA cash-rate plus 1.5 to 2 percentage points is a reasonable starting point for owner-occupied lending. Have a chat for an actual rate against your file.
Discharge fee from your old lender (often around $300), settlement and valuation (paid by the new lender for refinances on a competitive offer, otherwise $200 to $400 you pay), and government registration fees ($150 to $300 depending on state). Most refinances total between $400 and $1,500.
Because refinancing to a longer term reduces the monthly payment but increases total interest paid. Comparing on the same term keeps the comparison honest. If you want to genuinely extend the term, run the home loan calculator with the new total term against the original.
When the break-even is longer than you'd realistically stay with the loan, when your fixed rate has high break costs, when LMI would re-apply because LVR has risen, or when the new lender offers a worse comparison rate despite a lower headline rate. We check all four before recommending a switch.
A standardised rate that includes the interest rate plus most fees, calculated on a $150,000 loan over 25 years. It's the fair benchmark. The headline rate is the loss-leader; the comparison rate is what you'll actually pay over time.

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Get a refinance review.

Send us your latest loan statement and we'll run the numbers against the panel. No commitment. If it's not worth refinancing we'll tell you.

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