Updated 22 August 2026
Refinancing Hub
A refinance is worth considering when the rate, loan features and costs work together. Start with the repayment difference, test the break-even period, then compare the features you would actually use. An online calculation is a planning tool, not a loan approval or personal advice.
Step 1: Compare the repayment
Use the same balance and remaining term when comparing your current loan with a new offer. This shows whether the lower rate is actually doing the work, rather than a longer term simply lowering the immediate repayment.
Use the Refinance Break-Even Calculator
Step 2: Work out the switching cost
Include discharge, settlement, valuation and application costs, plus any fixed-loan break cost or LMI. Then compare the total against the monthly saving to see the break-even time.
Step 3: Stress-test the new repayment
Try a higher rate as well as the rate you have been offered. Then decide whether the new loan still works with your household budget, without relying on the most optimistic scenario.
Step 4: Compare the loan features
Offset and redraw access, annual fees, extra repayment limits, fixed-rate flexibility and cashback terms can all change the value of an offer. Ask your existing lender for a retention review before you make a final choice, and compare written terms rather than a verbal indication.