Refinance Calculator: Repayments, Interest and Break-even

Your current loan

Loan balance

The amount you owe now. Your latest statement or banking app shows it.

Years left on the loan

How often you repay

Your current interest rate, % per year

It's on your loan statement or in your banking app.

The new rate

New interest rate, % per year

A rate you've been offered or seen advertised. We don't suggest a rate.

Not sure what rate to enter?

If you have a loan, your rate is on your loan statement or in your banking app.
If you're buying or refinancing, use a rate a lender has offered you or one you've seen advertised.
For reference, the average variable rate on new home loans in August 2026 was about 6.2% for owner-occupiers and 6.4% for investors (Reserve Bank of Australia). Your rate depends on the lender, the loan and your situation. This is a market average, not a rate we're offering.
Not sure what rate you'd get? Ask Nabita

Switching costs

Discharge fee from your current lender (optional)

Add any break fee if your current loan has a fixed rate.

The new loan's upfront fees (optional)

For example application, valuation and settlement fees.

Government fees (optional)

To register the new mortgage and discharge the old one.

Compare the interest over

Your estimate

Fill in your loan details and the new rate, then press Compare.

How we worked this out

Same loan, different rate. Both loans have the balance and years left that you entered, with principal and interest repayments. Moneysmart suggests keeping a new loan's term close to the years left on your current one, because a longer term usually means more interest overall.
Interest is charged each time you repay, on the loan balance, as in Moneysmart's mortgage calculator. Lenders usually charge interest daily, so their figures can differ slightly.
The rates stay the same over the whole period. In real life, rates change, and a fixed rate usually reverts to a variable rate when the fixed period ends.
Switching costs are the ones you entered, paid upfront from your own money rather than added to the loan.
Break-even is when the difference in interest adds up to the switching costs you entered.
Not included: ongoing fees (such as annual package fees), lenders mortgage insurance, and any changes to the balance (such as cash out or extra repayments).

Estimate only. This is an estimate based on the figures you entered and the assumptions shown. It isn't a quote, a loan offer or an approval, and it doesn't take into account your full financial situation. Lenders apply their own policies, and all applications are subject to lender approval.

How MoneyGenie helps

Nabita compares options from MoneyGenie's panel of 35+ lenders, tells you upfront which are realistic for your situation, and handles the application with you through to settlement. Our service is generally at no cost to you, as we're paid a commission by the lender, which we disclose to you upfront. Details are in our Credit Guide, available on request. Talk to Nabita: call 040 110 1608 or send an enquiry.

Call 040 110 1608 Send an enquiry

Frequently asked questions

What does it cost to refinance a home loan?

Common costs are a discharge fee to close your current loan, an application or establishment fee for the new one, and government fees to register the new mortgage and discharge the old one. If your current loan has a fixed rate, you may also have to pay a break fee. If you have less than 20% equity, lenders mortgage insurance may apply to the new loan, which can outweigh the benefit of a lower rate.

What is the break-even point?

It's how long it takes for the lower interest on the new loan to add up to the costs of switching. If you might sell or refinance again before then, switching may not be worth it.

Should I ask my current lender for a better rate first?

It can be worth asking. Moneysmart suggests asking your lender for a better rate, as they may lower it to keep your business, and comparing any offer with other loans. Nabita can do this comparison with you.

Figures checked 27 October 2026 by Nabita, mortgage broker, MoneyGenie Finance.

Official sources

All calculators

Refinance calculator