Refinance Savings Calculator
When was the last time you checked the health of your loan? In less than 60 seconds, see how much you could save by switching to a better rate.
Disclaimer: General information only, not financial advice. Savings estimates are indicative only and based on current market rates. Actual savings depend on your circumstances, lender, fees, and loan features. Refinancing may involve break costs, discharge fees, and application fees. Verify with a licensed broker or lender.
Frequently Asked Questions
How do I know if I should refinance?
If your current rate is more than 0.5% above the best available rates, refinancing may be worthwhile. Consider the total cost of switching (typically $500-$2,000) against your potential savings over the life of the loan.
How much does it cost to refinance?
Typical costs include a discharge fee from your current lender ($150-$400), application fees for the new loan ($0-$600), and valuation fees ($0-$300). Some lenders offer cashback to offset these costs.
Will refinancing affect my credit score?
Applying for a new loan creates a credit enquiry, which may have a small, temporary impact on your credit score. Multiple applications in a short period can have a larger effect. A broker typically submits just one application.
How long does refinancing take?
Refinancing typically takes 2-6 weeks from application to settlement. Starting the process early gives you time to compare options and ensures a smooth transition.