Refinance Calculator
Put your current loan next to a different rate and see the interest saved, the change in repayments, and how long it takes to earn back the cost of switching.
Your loan
Market average, indicative owner-occupier variable rate.
Interest paid over time
updates as you typeShow these figures as a table
| Year | Interest at current rate | Interest at comparison rate | Difference |
|---|
a month at your current rate
Estimates only, based on principal and interest repayments at the rates shown. The comparison rate is a market figure or one you have entered. It is not a rate offered by Dash Money Solutions, and what you could actually get depends on your circumstances and lender approval.
How this works
We calculate principal and interest repayments at your current rate and at the comparison rate over the years you have left. The interest saved is the difference in total repayments. Break-even is your switching costs divided by the monthly saving. The chart shows the interest adding up under each rate.
- The comparison rate starts at the market average. Type in any rate you have been offered and everything updates.
- Same balance, same years remaining, monthly repayments, and no rate changes along the way.
- Switching costs default to $1,000 as a rough guide for discharge, application and government fees. Yours may be lower or higher.
- Lenders mortgage insurance, cashback offers and fixed-rate break costs are not included.
Questions people ask
Usually a discharge fee from your current lender, an application or settlement fee with the new one, and government registration fees. For most variable loans that lands somewhere between a few hundred and a couple of thousand dollars. Fixed loans can carry break costs on top, which we check before anything is lodged.
The month when your total savings pass what you paid to switch. If break-even is a year or two away and you plan to keep the loan well past that, the numbers usually stack up. If you might sell before then, they may not.
Because a calculator that assumes a rate is guessing. If a lender or broker has quoted you a number, use that. If not, the market average shows what getting back to the middle would be worth.