Refinance Calculator — Are You Paying Too Much?
Enter your home loan details and we’ll show what switching to a sharper rate could save — and which lenders to look at. Rates as of 23/06/2026
Rates can change without notice. Last verified: 23/06/2026 (AEST). Please confirm details on the bank’s official page.
Potential saving
$307/month
Switching from your 6.50% rate to Pacific Mortgage Group’s 5.59% — the lowest owner-occupier rate in our comparison — could cut your repayments by about $307 a month ($3,678 a year), and save roughly $91,960 in interest over your remaining 25 years.
See the Pacific Mortgage Group review →
Estimate assumes principal & interest repayments at a constant rate, the same 25-year term, and excludes fees and offset. Comparison rates (which include fees) and your LVR will affect the real saving.
Lenders cheaper than your current rate
Owner-occupier P&I rates from our comparison that beat your 6.50%, with the estimated monthly repayment on your $550,000 balance.
| Lender | Rate | New monthly repayment | You’d save / month | Review |
|---|---|---|---|---|
| Pacific Mortgage GroupOwner Occupied Variable | 5.59% | $3,407 | $307 | Review → |
| Unloan (CBA)Refinance Variable | 5.89% | $3,507 | $207 | Review → |
| Reduce Home LoansEco Home Loan Variable | 5.94% | $3,524 | $190 | Review → |
| Up HomeVariable Rate Loan | 5.95% | $3,527 | $187 | Review → |
| People's ChoiceBasic Variable | 5.99% | $3,540 | $173 | Review → |
| HSBC AustraliaHome Value Loan | 5.99% | $3,540 | $173 | Review → |
Rates are advertised owner-occupier P&I rates at ≤80% LVR from our comparison. Check each lender’s comparison rate and fees before applying. See all home loans →
Refinance cashbacks you could qualify for
One-off cash incentives for switching, based on your $550,000 loan size. Most require a loan-to-value ratio of 80% or less.
A cashback can offset switching costs, but always weigh it against the rate. Compare all cashbacks →
How this works
We compare your current rate against the owner-occupier principal-and-interest rates in our live home-loan comparison, then estimate the repayment and interest difference over your remaining term using a standard amortisation model. The figures are general estimates — your real saving depends on the comparison rate (which folds in fees), your loan-to-value ratio, your repayment type, and any offset or redraw you use. Treat this as a starting point, not advice, and confirm the numbers with each lender.
Frequently Asked Questions
How much can I save by refinancing my home loan?
It depends on the gap between your current rate and the best rate you can move to, your loan balance, and how long you have left. Even a fraction of a percent off a large balance can save thousands a year in repayments and tens of thousands in interest over the life of the loan. This tool estimates the difference using the lowest owner-occupier rate in our live comparison.
Is it worth refinancing for a small rate difference?
Often, yes — but weigh the savings against switching costs. Discharge fees, settlement and any new lender fees can run to several hundred dollars, and some loans charge an annual package fee. If the interest saved over a year or two clearly beats those costs (and you'll keep the loan that long), refinancing usually pays off. A cashback offer can cover the switching costs entirely.
What is a refinance cashback?
Some lenders pay a one-off cash incentive when you refinance an existing home loan to them, usually scaled to your loan size and paid within a couple of months of settlement. They typically require a loan-to-value ratio of 80% or less and exclude refinances within the same banking group. Always check the rate as well — a sharp cashback on a mediocre rate can cost more over time than a lower rate with no cashback.
Does refinancing hurt my credit score?
A refinance application creates a credit enquiry, which can dip your score slightly and temporarily. Making many applications in a short window has a larger effect, so it's better to compare first and apply once. The long-term saving from a lower rate generally outweighs a small, short-lived change to your score.
Is this refinance calculator financial advice?
No. It gives general estimates using a simplified model (constant interest rate, principal-and-interest repayments, no fees or offset) and the advertised rates in our comparison. Your lender's figures, your LVR and your specific circumstances will differ. Confirm details with each lender and consider your own situation before deciding.
Related guides
Information is general in nature and may change without notice. Rates verified 23/06/2026. Estimates exclude fees, offset and your specific LVR. Not financial advice — confirm current rates, comparison rates and eligibility with each lender before applying.