Home Loan Refinance & Break-Even Calculator

How this tool works

Reviewed 6 September 2026. Monthly repayments and your switching costs, reviewed 12 September 2026.

Calculation outline

1. Compares scheduled principal and interest repayments under current vs refinanced interest rates and loan terms.
2. Calculates gross switching costs (discharge, application, valuation, mortgage registration) offset by lender refinance cashback.
3. Finds the first month cumulative actual payments plus fees less cashback break even. This can reverse later when loan terms differ; negative lifetime savings mean a higher total cost.

Worked example

Example: while both loans are active, $250 of monthly repayment savings covers $1,000 of net switching costs after four payments. Lifetime costs must also be compared, especially when extending the term.

Limits

• Assumes variable rates remain constant; does not account for fixed-rate break costs or ongoing annual package fees.

Sources

• ASIC Moneysmart switching home loans
• Australian Banking Association refinancing guide

This tool provides general information and illustrative estimates only. It does not consider your objectives, financial situation or needs and is not personal financial, tax or legal advice.